New Issue: Brazil’s Petrobras prices $3.25 billion global notes due 2031, 2050

By Marisa Wong

Los Angeles, May 28 – Petrobras Global Finance BV priced $3.25 billion of global notes (Ba2/BB-/BB-) guaranteed by Petroleo Brasileiro SA – Petrobras.

Petrobras priced $1.5 billion of 5.6% senior notes due 2031 at 99.993 to yield 5.6%, according to an FWP filing with the Securities and Exchange Commission.

The company also priced $1.75 billion of 6¾% senior notes due 2050 at 98.11 to yield 6.9%, according to a separate FWP filing with the SEC.

BNP Paribas Securities Corp., BofA Securities, Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. are the bookrunners for the SEC-registered deal.

The energy company is based in Rio de Janeiro.

Issuer:	Petrobras Global Finance BV
Guarantor:	Petroleo Brasileiro SA – Petrobras
Amount:	$3.25 billion
Issue:	Senior notes
Bookrunners:	BNP Paribas Securities Corp., BofA Securities, Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc.
Pricing date:	May 27
Settlement date:	June 3
Ratings:	Moody’s: Ba2
	S&P: BB-
	Fitch: BB-
Distribution:	SEC registered
Listing:	NYSE
2031 notes
Amount:	$1.5 billion
Maturity:	Jan. 3, 2031
Coupon:	5.6%
Price:	99.993
Yield:	5.6%
Call options:	Make-whole call at Treasuries plus 50 bps prior to Oct. 3, 2030; par call after that
2050 notes
Amount:	$1.75 billion
Maturity:	June 3, 2050
Coupon:	6¾%
Price:	98.11
Yield:	6.9%
Call options:	Make-whole call at Treasuries plus 50 bps prior to Dec. 3, 2049; par call after that

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