Companhia Petrolifera Marlim (Marlim) is gearing up for a R$600 million ($300 million) future flow asset-backed commercial paper transaction backed by revenues from Campo de Marlim oil and gas fields, situated off the coast of the state of Rio de Janeiro.

The deal is being agented by Banco Chase Manhattan and Banco ABN Amro do Brasil is acting as the underwriter. The notes have a maturity of 180 days and have been assigned a preliminary short-term rating of "br-A-2" by Standard & Poor's.

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