Brazil’s Petrobras to issue new notes with tender offer

By Christine Van Dusen and Susanna Moon

Atlanta, May 17 – Brazil-based Petroleo Brasileiro SA's (Petrobras) wholly owned subsidiary, Petrobras Global Finance BV, is planning to issue two tranches of dollar-denominated notes as part of a tender offer, according to a company filing.

BB Securities, BofA Merrill Lynch, JPMorgan and Santander are the bookrunners for the Securities and Exchange Commission-registered deal.

The notes will include a make-whole call.

Petrobras is tendering for any and all of one series of notes and up to a purchase price of $3 billion in the waterfall tender offers for 10 other note series, according to a company press release.

The tender offers will end at 11:59 p.m. ET on June 14.

Petrobras Global Finance plans to offer global notes in one or more series, subject to market conditions, with proceeds to be used to repurchase tendered notes, as well as for general corporate purposes.

The waterfall offers are conditioned on the issue of the new notes.

Petrobras is an energy company based in Rio de Janeiro.

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