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Petrobras gets required consents for 6.436% senior trust certificates
By Jennifer Chiou
New York, May 23 - Petroleo Brasileiro SA-Petrobras announced its subsidiary Petrobras International Finance Co.-Pifco received the required consents for its series 2003-A 6.436% senior trust certificates due 2015.
The solicitation ended at 5 p.m. ET on May 22.
The company said it expects that the guarantor and controlling party of the securities, MBIA Insurance Corp., will give consent to proposed amendments. It intends to settle the solicitation on May 31.
The securities were issued by PF Export Receivables Master Trust and are backed by receivables generated from sales of fuel oil and bunker fuel exported by Petrobras.
The company solicited consents for amendments to eliminate exports of bunker fuel from the transaction so that the securities will be collateralized only by receivables from sales of fuel oil exported by Petrobras.
The Rio de Janeiro-based oil producer was seeking consents from holders of at least two-thirds of the securities.
Those who gave consent by the deadline will receive a fee of $3.75 per $1,000 principal amount of securities.
The solicitation began on May 5.
Citigroup Corporate and Investment Banking is the solicitation agent (800 558-3745 or call collect 212 723- 6108). Global Bondholder Services Corp. is the information agent (866 470-3900 or call collect 212 430-3774).
Petrobras previously said that the high administrative cost of tracking and monitoring cash flows from numerous exports of bunker fuel, which are typically made in relatively small transactions with a large number of purchasers, was the primary reason for the amendment.
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