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Brazil's Petrobras pulls $500 million reopening of 6 1/8% notes due 2016
By Aaron Hochman-Zimmerman
New York, Feb. 11 - Petroleo Brasileiro SA (BBB-/BBB-) pulled a planned $500 million reopening of its 6 1/8% global notes due 2016, according to a market source.
Talk had previously been widened to Treasuries plus 220 basis points from 210 bps.
BNP Paribas and Morgan Stanley were asked to act as bookrunners for the Rule 144A and Regulation S deal.
The existing notes are due Oct. 6, 2016.
The add-on would have made the aggregate size of the issue $1 billion. The original $500 million offering was priced on Sept. 29, 2006.
Petrobras is a Rio de Janeiro-based government-run oil producer.
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