By Aaron Hochman-Zimmerman
New York, July 2 - Petroleo Brasileiro SA priced a $1.25 billion reopening of its 7 7/8% senior unsecured notes (Baa1/BBB-/BBB) at 106.962 to yield 6 7/8% late Wednesday, according to a filing with the U.S. Securities and Exchange Commission.
The add on came at a spread of Treasuries plus 332.3 basis points.
Citigroup, HSBC, JPMorgan and Santander Investment acted as bookrunners for the registered deal.
The $1.5 billion of original notes priced on Feb. 4, 2009 at 98.28 to yield 8 1/8%.
The debt is due March 15, 2019. There is a make-whole call at Treasuries plus 50 bps.
Proceeds will be used to repay a portion of $4 billion in bank debt.
Petrobras is a Rio de Janeiro, Brazil-based government-run energy firm.
Issuer: Petroleo Brasileiro SA
Issue: Retap of senior unsecured notes
| Amount: | $1.25 billion
|
| Maturity: | March 15, 2019
|
| Coupon: | 7 7/8%
|
| Price: | 106.962
|
| Yield: | 6 7/8%
|
| Spread: | Treasuries plus 332.3 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps
|
| Bookrunners: | Citigroup, HSBC, JPMorgan, Santander Investment
|
| Distribution: | Registered
|
| Pricing date: | July 1
|
| Settlement date: | July 9
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
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