SAO PAULO, March 20 (Reuters) - State-controlled Petróleo Brasileiro SA plans to raise money in Brazil’s capital markets by selling securities linked to 8.6 billion reais ($2.6 billion) in debt owed to the company by Centrais Elétricas Brasileiras SA, Valor Econômico newspaper said on Friday.
According to Valor, which did not say how it obtained the information, the company commonly known as Petrobras will bundle those receivables into a fund that will be sold to investors in the form of asset-backed securities. The maturity of the notes could be 10 years, Valor said.
State-controlled Eletrobras, as Centrais is known, owes the money to Petrobras for the purchase of fuel for thermal electricity plants. The receivables from that debt will be used as collateral for the debt issuance, which will take place in portions, Valor noted.
Rio de Janeiro-based Petrobras did not have an immediate comment on the Valor report.
The sale of asset-backed securities is expected to take place alongside asset sales aimed at helping Petrobras conserve cash and undertake capital spending, the paper added.
To carry out the debt offering, which could take as many as three months, Petrobras first needs to publish audited financial data for the third and fourth quarters of last year, the newspaper said. Third-quarter results, originally scheduled for release in November, were delayed after a corruption probe at Petrobras led auditor PricewaterhouseCoopers to refuse to certify the company’s accounts.
In a securities filing on Friday, Petrobras pledged to work on a prompt release of results, although it declined to give an exact date. The company is currently analyzing the value and terms of contracts with suppliers, which could lead to asset impairments and losses.
Petrobras is expected to release third-quarter financial data in early April, Valor said, without giving a source for the information. (Reporting by Guillermo Parra-Bernal; Editing by Phil Berlowitz)