Brazil’s Petrobras board approves issuance of up to R$3 billion notes

By Marisa Wong

Madison, Wis., May 18 – Petroleo Brasileiro SA’s board of directors approved the issuance of up to R$3 billion of notes, according to a 6-K filing with the Securities and Exchange Commission.

The approval allows the company to issue up to 300,000 notes, with a face value of R$10,000, to the public in Brazil.

The total amount can be incremented by an additional lot of notes equivalent to up to 20% of the total of notes initially offered or by a 15% greenshoe.

The company said it will assess market conditions and its funding needs throughout 2015 to make a final decision regarding this issuance.

The energy company is based in Rio de Janeiro.

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