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Brazil’s Petrobras sets redemption prices for two note series due 2023
By Marisa Wong
Los Angeles, Sept. 27 – Petroleo Brasileiro SA (Petrobras) announced the redemption prices for two series of notes due 2023 that were issued by wholly owned subsidiary Petrobras Global Finance BV, according to a notice.
Petrobras will redeem €296,398,000 of its 4¼% global notes due 2023 (ISIN: XS0835890350) at €1,091.58 per €1,000 principal amount, which includes a make-whole premium of €91.58. The company will also pay interest of €42.15.
The company will redeem $916,321,000 of its 4 3/8% global notes due 2023 (ISIN: US71647NAF69) at $1,061.28 per $1,000 principal amount, which includes a make-whole premium of $61.28, and will also pay interest of $15.68.
The two series will be redeemed on Sept. 29.
As previously reported, make-whole payments are based on the relevant Bund rate plus 45 basis points for the euro notes and the relevant U.S. Treasury rate plus 40 bps for the dollar notes.
Funding for the redemptions will come from cash on hand.
Bank of New York Mellon is the trustee and paying agent.
The energy company is based in Rio de Janeiro.
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