A story in the Jan. 8 edition of the Prospect News Emerging Markets Daily included the incorrect maturity date for Petrobras' new €1.5 billion tranche of notes. A corrected version of the story follows.
By Christine Van Dusen
Atlanta, Jan. 8 - Brazil's Petroleo Brasileiro SA (Petrobras) priced €3.05 billion of notes in tranches due 2018, 2021 and 2025 and £600 million due 2034 (expected ratings: Baa1/BBB/BBB), according to a filing with the U.S. Securities and Exchange Commission.
The notes were issued through the company's Petrobras Global Finance BV subsidiary and guaranteed by Petrobras.
The deal included €1.5 billion 2¾% notes due Jan. 15, 2018 that priced at 99.705 to yield 2.829%, or mid-swaps plus 185 basis points.
A €750 million issue of 3¾% seven-year notes priced at 99.402 to yield 3.849%, or mid-swaps plus 220 bps.
And €800 million 4¾% 11-year notes priced at 99.204 to yield 4.845%, or mid-swaps plus 260 bps.
The £600 million 6 5/8% 20-year notes priced at 98.845 to yield 6.732%, or Gilts plus 315 bps.
BB Securities Ltd., BNP Paribas, Banco Bradesco BBI SA, Credit Agricole CIB, HSBC, J.P. Morgan Securities plc and Mizuho Securities plc were the bookrunners for the Securities and Exchange Commission-registered deal.
The proceeds will be used to finance planned capital expenditures and for general corporate purposes.
Petrobras is an energy company based in Rio de Janeiro.
| Issuer: | Petrobras Global Finance BV
|
| Guarantor: | Petroleo Brasileiro SA
|
| Amount: | €3.05 billion, £600 million
|
| Description: | Senior notes
|
| Bookrunners: | BB Securities Ltd., BNP Paribas, Banco Bradesco BBI SA, Credit Agricole CIB, HSBC, J.P. Morgan Securities plc and Mizuho International plc
|
| Co-managers: | Bank of China (Hong Kong) Ltd., Standard Chartered Bank
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 14
|
| Expected ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | Securities and Exchange Commission registered
|
|
|
| Notes due 2018
|
| Amount: | €1.5 billion
|
| Maturity: | Jan. 15, 2018
|
| Coupon: | 2¾%
|
| Price: | 99.705
|
| Yield: | 2.829%
|
| Spread: | Mid-swaps plus 185 bps
|
| Make-whole: | Mid-swaps plus 30 bps
|
|
|
| Notes due 2021
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| Amount: | €750 million
|
| Maturity: | Jan. 14, 2021
|
| Coupon: | 3¾%
|
| Price: | 99.402
|
| Yield: | 3.849%
|
| Spread: | Mid-swaps plus 220 bps
|
| Make-whole: | Mid-swaps plus 35 bps
|
|
|
| Notes due 2025
|
| Amount: | €800 million
|
| Maturity: | Jan. 14, 2025
|
| Coupon: | 4¾%
|
| Price: | 99.204
|
| Yield: | 4.845%
|
| Spread: | Mid-swaps plus 260 bps
|
| Make-whole: | Mid-swaps plus 40 bps
|
|
|
| Notes due 2034
|
| Amount: | £600 million
|
| Maturity: | Jan. 16, 2034
|
| Coupon: | 6 5/8%
|
| Price: | 98.845
|
| Yield: | 6.732%
|
| Spread: | Gilts plus 315 bps
|
| Make-whole: | Gilts plus 45 bps
|
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