By Christine Van Dusen
Atlanta, May 13 - Brazil's Petroleo Brasileiro SA (Petrobras) priced $11 billion of global notes (A3/BBB/BBB) due in 2016, 2019, 2023 and 2043 in a Securities and Exchange Commission-registered deal, a market source said.
The deal included $1.25 billion 2% notes due May 20, 2016 that priced at 99.584 to yield 2.144%, or Treasuries plus 175 basis points. The notes were talked at a spread in the 180 bps area.
Another $1 billion in notes due May 20, 2016 priced at par to yield Libor plus 162 bps, following talk in the 167 bps area.
The company also priced $2 billion 3% notes due Jan. 15, 2019 at 99.352 to yield 3 1/8%, or Treasuries plus 230 bps. The notes were talked at a spread in the 235 bps area.
A $1.5 billion tranche of notes due Jan. 15, 2019 priced at par to yield Libor plus 214 bps, after talk in the Libor plus 219 bps area.
The notes due May 20, 2023 totaled $3.5 billion and carried a 4 3/8% coupon, pricing at 98.828 to yield 4.522%, or Treasuries plus 260 bps. Talk was set in the 265 bps area.
And $1.75 billion 5 5/8% notes due May 20, 2043 came to the market at 98.027 to yield 5.764%, or Treasuries plus 265 bps, following talk in the 270 bps area.
BB Securities, BofA Merrill Lynch, Citigroup, HSBC, Itau BBA, JPMorgan and Morgan Stanley were the bookrunners.
The proceeds will be used for capital expenditures and general corporate purposes.
The notes were issued by subsidiary Petrobras Global Finance BV.
Petrobras is an energy company based in Rio de Janeiro.
| Issuer: | Petrobras Global Finance BV
|
| Amount: | $11 billion
|
| Description: | Senior notes
|
| Bookrunners: | BB Securities, BofA Merrill Lynch, Citigroup, HSBC, Itau BBA, JPMorgan, Morgan Stanley
|
| Trade date: | May 13
|
| Settlement date: | May 20
|
| Expected ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | Securities and Exchange Commission registered
|
|
|
| Fixed-rate notes due 2016
|
| Amount: | $1.25 billion
|
| Maturity: | May 20, 2016
|
| Coupon: | 2%
|
| Price: | 99.584
|
| Yield: | 2.144%
|
| Spread: | Treasuries plus 175 bps
|
| Price talk: | Treasuries plus 180 bps area
|
|
|
| Floaters due 2016
|
| Amount: | $1 billion
|
| Maturity: | May 20, 2016
|
| Coupon: | Libor plus 162 bps
|
| Price: | Par
|
| Yield: | Libor plus 162 bps
|
| Price talk: | Libor plus 167 bps area
|
|
|
| Fixed-rate notes due 2019
|
| Amount: | $2 billion
|
| Maturity: | Jan. 15, 2019
|
| Coupon: | 3%
|
| Price: | 99.352
|
| Yield: | 3 1/8%
|
| Spread: | Treasuries plus 230 bps
|
| Price talk: | Treasuries plus 235 bps area
|
|
|
| Floating-rate notes due 2019
|
| Amount: | $1.5 billion
|
| Maturity: | Jan. 15, 2019
|
| Coupon: | Libor plus 214 bps
|
| Price: | Par
|
| Yield: | Libor plus 214 bps
|
| Price talk: | Libor plus 219 bps area
|
|
|
| 10-year notes
|
| Amount: | $3.5 billion
|
| Maturity: | May 20, 2023
|
| Coupon: | 4 3/8%
|
| Price: | 98.828
|
| Yield: | 4.522%
|
| Spread: | Treasuries plus 260 bps
|
| Price talk: | Treasuries plus 265 bps area
|
|
|
| 30-year notes
|
| Amount: | $1.75 billion
|
| Maturity: | May 20, 2043
|
| Coupon: | 5 5/8%
|
| Price: | 98.027
|
| Yield: | 5.764%
|
| Spread: | Treasuries plus 265 bps
|
| Price talk: | Treasuries plus 270 bps area
|
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