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Report: Itau, Bradesco, BofA working on loan for group eyeing Petrobras unit

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Report: Itau, Bradesco, BofA working on loan for group eyeing Petrobras unit

Brazil's Itaú Unibanco Holding SA and Banco Bradesco SA together with U.S.-based Bank of America Corp. are working on a loan to a group of companies that may reach up to $6 billion, Blooomberg news reported, citing "three people with knowledge of the matter."

The group, which is headed by Australian financial group Macquarie Group Ltd., is reportedly planning to bid on a natural gas pipeline network in northeastern Brazil held by Transportadora Associada de Gás S.A. or TAG, a subsidiary of the country's state oil firm, Petroleo Brasileiro SA.

One source added that the loan may be denominated mostly, if not entirely, in Brazilian reais, to avoid expensive currency hedging. Revenues from TAG are fully denominated in reais, the report noted.