Brazil oil company subsidiary 3R Lux agreed to a $500 million loan to pay for the country’s Potiguar oil field.
The company said the loan will be granted by a group of lenders led by Morgan Stanley senior funding; including Banco do Brasil SA, Citibank, Deutsche Bank AG, HSBC Mexico SA, Itau BBA International and Santander Brasil SA.
It added the loan would mature within 54 to 60 months from Aug. 2.
With the loan, the company expects to consummate its acquisition of the Potiguar Cluster of oil and gas producing fields as well as private-use terminal, refinery and storage assets in the Potiguar Basin in the northeastern state of Rio Grande do Norte.
The cluster is currently own by Brazil’s state-run oil company Petrobras.