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Brazil's Petrobras launches €3.05 billion notes due 2018, 2021, 2025 and £600 million due 2034
By Christine Van Dusen
Atlanta, Jan. 7 - Brazil's Petroleo Brasileiro SA (Petrobras) has launched a €3.05 billion multi-tranche offering of notes due 2018, 2021 and 2025 and a £600 million tranche due 2034 (expected ratings: Baa1/BBB/BBB), a market source said.
The deal includes €1.5 billion notes due Jan. 15, 2018 that launched at mid-swaps plus 185 basis points and €750 million notes due Jan. 14, 2021 that launched at mid-swaps plus 220 bps.
The third tranche totals €800 million notes due Jan. 14, 2025 that launched at mid-swaps plus 260 bps.
The £600 million notes - due Jan. 16, 2034 - launched at Gilts plus 315 bps.
BB Securities, BNP Paribas, Bradesco BBI, Credit Agricole, HSBC, JPMorgan and Mizuho Securities are the bookrunners for the Securities and Exchange Commission-registered deal. Bank of China and Standard Chartered Bank are the co-managers.
The proceeds will be used to finance planned capital expenditures and for general corporate purposes.
The deal is expected to price on Tuesday.
Petrobras is an energy company based in Rio de Janeiro.
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