Petrobras gives final results and settles tender offer for 13 series

Chicago, June 11 – Brazil’s Petroleo Brasileiro SA (Petrobras) announced the final results and settlement of wholly owned subsidiary Petrobras Global Finance BV’s cash tender offers for any and all of its outstanding dollar-denominated notes from 13 series for a maximum consideration of $2.5 billion, according to a company news release.

As previously announced, the company accepted all tendered notes.

In aggregate, excluding interest, Petrobras paid $2.45 billion to purchase the notes.

The final amounts tendered and accepted are listed below, with purchase prices per $1,000 principal amount:

• All of the $325,768,000 tendered of the $1,467,091,000 outstanding 6¾% global notes due June 2050 (Cusip: 71647NBG3) at a price of $1,157.51, determined using the 1 7/8% U.S. Treasury due Feb. 15, 2051 and a fixed spread of 340 basis points;

• All of the $862.56 million tendered with $6,094,000 reflected in the notices of guaranteed delivery of the $3,065,085,000 outstanding 5.093% global notes due January 2030 (Cusip: 71647NBE8, 71647NBF5, N6945AAL1) at a price of $1,089.04, determined using the 1 5/8% U.S. Treasury due May 15, 2031 and a fixed spread of 233 bps;

• All of the $62,856,000 tendered with $610,000 reflected in the notices of guaranteed delivery of the $774,384,000 outstanding 6¼% global notes due March 2024 (Cusip: 71647NAM1, 71647NAM11) at a price of $1,135.06, determined using the ¼% U.S. Treasury due May 15, 2024 and a fixed spread of 96 bps;

• All of the $59,318,000 tendered with $111,000 reflected in the notices of guaranteed delivery of the $1,061,324,000 outstanding 5.299% global notes due January 2025 (Cusip: 71647NAT6, N6945AAJ6) at a price of $1,131.96, determined using the ¾% U.S. Treasury due May 31, 2026, and a fixed spread of 77 bps;

• All of the $208,101,000 tendered with $5,399,000 reflected in the notices of guaranteed delivery of the $1,743,620,000 outstanding 6.9% global notes due March 2049 (Cusip: 71647NBD0) at a price of $1,195.91, determined using the 1 7/8% U.S. Treasury due Feb. 15, 2051 and a fixed spread of 328 bps;

• All of the $93,057,000 tendered of the $983,216,000 outstanding 6 7/8% global notes due January 2040 (Cusip: 71645WAQ4) at a price of $1,208.90, determined using the 2¼% U.S. Treasury due May 15, 2041 and a fixed spread of 298 bps;

• All of the $287.33 million tendered with $9,049,000 reflected in the notices of guaranteed delivery of the $1,071,541,000 outstanding 8¾% global notes due May 2026 (Cusip: 71647NAQ2) at a price of $1,293.93, determined using the ¾% U.S. Treasury due Feb. 15, 2026 and a fixed spread of 164 bps;

• All of the $71.52 million tendered of the $1,775,174,000 outstanding 7 3/8% global notes due January 2027 (Cusip: 71647NAS8) at a price of $1,234.75, determined using the ¾% U.S. Treasury due May 31, 2026 and a fixed spread of 204 bps;

• All of the $76,097,000 tendered of the $1,748,126,000 outstanding 5.999% global notes due January 2028 (Cusip: 71647NAW9, N6945AAK3, 71647NAY5) at a price of $1,159.93, determined using the 1 5/8% U.S. Treasury due May 15, 2031 and a fixed spread of 177 bps;

• All of the $42,412,000 tendered with $102,000 reflected in the notices of guaranteed delivery of the $878,965,000 outstanding 5¾% global notes due February 2029 (Cusip: 71645WAS0) at a price of $1,141.35, determined using the 1 5/8% U.S. Treasury due May 15, 2031 and a fixed spread of 208 bps;

• None of the $76,681,000 tendered with $15,000 reflected in the notices of guaranteed delivery of the $1,013,134,000 outstanding 6¾% global notes due January 2041 (Cusip: 71645WAS0) at a price of $1,185.05, determined using the 2.25% U.S. Treasury due May 15, 2041 and a fixed spread of 309 bps;

• All of the $18,693,000 tendered of the $473.77 million outstanding 5 5/8% global notes due May 2043 (Cusip: 71647NAA7) at a price of $1,108.24, determined using the 2¼% U.S. Treasury due May 15, 2041 and a fixed spread of 268 bps; and

• All of the $17,478,000 tendered of the $1,286,710,000 outstanding 7¼% global notes due March 2044 (Cusip: 71647NAK5) at a price of $1,227.04, determined using the 2¼% U.S. Treasury due May 15, 2041 and a fixed spread of 335 bps.

Pricing was set at 11 a.m. ET on June 8.

The offers expired at 5 p.m. ET on June 8 and settled on June 11.

The offers were not contingent on the tender of any minimum principal amount of notes, and each offer was independent of and not conditioned on completion of the other offers.

However, the offers were subject to a financing condition. To that end, Petrobras priced a new offering of $1.5 billion global notes due 2051 on June 2.

Notes tendered via guaranteed delivery were due by 5 p.m. ET on June 10.

BofA Securities Inc. (800 294-1322), Goldman Sachs & Co. LLC (212 357-1452), Itau BBA USA Securities Inc. (212 710-6749), J.P. Morgan Securities LLC (212 834-3424), MUFG Securities Americas Inc. (877 649-6848), Santander Investment Securities Inc. (855 403-3636) and UBS Securities LLC (888 827-7275) are the dealer managers for the offers.

Global Bondholder Services Corp. (866 470-3800 or 212 430-3774, http://www.gbsc-usa.com/Petrobras/) is the depositary and information agent.

The energy company is based in Rio de Janeiro.

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