BofA Is Arranging a $6 Billion Loan for Petrobras Unit Bid
- Macquarie is said to receive credit offers from Itau, Bradesco
- Mubadala’s consortium, financed by Goldman, may offer $8 bln
Bank of America Corp, Itau Unibanco Holding SA and Banco Bradesco SA are arranging financing for a consortium led by Macquarie Group Ltd. so it can bid for Petroleo Brasileiro SA’s natural gas pipeline network in northeastern Brazil, said three people with knowledge of the matter.
The bridge-loan, which could reach $6 billion, will probably be mainly denominated in reais, one of the people said, asking not to be named because the discussions are private. The group may even decide to take the entire loan in reais to remove the need for expensive currency hedges, the person said. This may give Macquarie’s group a competitive advantage over the other two possible bidders since the revenue from Petrobras’ subsidiary known as TAG is all in reais, the people said.