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Brazils Petrobras extends tender, early premium; cap now $6 billion
By Susanna Moon
Chicago, Jan. 24 Petroleo Brasiliero SA (Petrobras) said wholly owned subsidiary Petrobras Global Finance BV again upsized its tender offer for several series of notes, this time to $6 billion.
Petrobras also extended the offers until 11:59 p.m. ET on Feb. 8 and the early tender deadline to 5 p.m. ET on Jan. 25, according to a company update.
Tendered notes may no longer be withdrawn, as of Jan. 23.
Petrobras began the tender on Jan. 9 with a $2 billion cap then announced later in the day that it had doubled the cap to $4 billion, excluding interest.
The cap was lifted after the company priced $4 billion of notes in five- and 10-year tranches late that day.
Investors had tendered the following amount of notes as of 5 p.m. ET on Jan. 23, the original early tender date, with the total purchase price for each $1,000 or 1,000 principal amount as follows and the notes listed in order of priority acceptance levels:
$753,225,000 of the $1,452,566,000 3% global notes due January 2019 with a total purchase price of $1,006.25;
$416,374,000 of the $750,492,000 floating-rate global notes due January 2019 with a total purchase price of $1,016.25;
$1,050,459,000 of the $1,813,907,000 7 7/8% global notes due March 2019 with a total purchase price of $1,105;
611,353,000 of the 1.3 billion 3Ό% global notes due April 2019 with a total purchase price of 1,051.25;
$1,308,712,000 of the $2.5 billion 5Ύ% global notes due January 2020 with a total purchase price of $1,048.75;
$944.01 million of the $1.5 billion 4 7/8% global notes due March 2020 with a total purchase price of $1,027.50; and
$309.8 million of the $500 million floating-rate global notes due March 2020 with a total purchase price of $1,016.25.
The total payment will include an early tender premium of $30 or 30, respectively, for each $1,000 or 1,000 principal amount of notes tendered by the early deadline.
The tender offers originally had been set to end at 11:59 p.m. ET on Feb. 6.
Holders also will receive accrued interest to but excluding the settlement date, which will be Jan. 30 for early tendered notes.
Banco Bradesco BBI SA (212 888-9145), Citigroup Global Markets Inc. (212 723-6106), HSBC Securities (USA) Inc. (212 525-5552), Itau BBA USA Securities, Inc. (212 710-6749) and Morgan Stanley & Co. LLC (212 761-1057) are the joint bookrunners and dealer managers. Global Bondholder Services Corp. (866 470-3900) is the depositary and information agent.
Petrobras is an energy company based in Rio de Janeiro.
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