Petrobras solicits consents for 6.436% senior trust certificates

By Jennifer Chiou

New York, May 5 - Petroleo Brasileiro SA-Petrobras announced its subsidiary Petrobras International Finance Co.-Pifco started a consent solicitation for its series 2003-A 6.436% senior trust certificates due 2015.

The securities were issued by PF Export Receivables Master Trust and are backed by receivables generated from sales of fuel oil and bunker fuel exported by Petrobras.

The company is soliciting consents for amendments to eliminate exports of bunker fuel from the transaction so that the securities will be collateralized only by receivables from sales of fuel oil exported by Petrobras.

The Rio de Janeiro-based oil producer is seeking consents from holders of at least two-thirds of the securities.

Those who give consent by 5 p.m. ET on May 22 will receive a fee of $3.75 per $1,000 principal amount of securities.

Citigroup Corporate and Investment Banking is the solicitation agent (800 558-3745 or call collect 212 723- 6108). Global Bondholder Services Corp. is the information agent (866 470-3900 or call collect 212 430-3774).

Petrobras said that the high administrative cost of tracking and monitoring cash flows from numerous exports of bunker fuel, which are typically made in relatively small transactions with a large number of purchasers, as the primary reason for the amendment.

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