Brazil’s Petrobras plans up to $2 billion of new notes together with exchange, cash offers

By Rebecca Melvin

New York, Sept. 18 – Brazil’s Petroleo Brasiliero SA (Petrobras) plans to price up to $2 billion of new dollar-denominated notes due 2025 and 2028 together with two exchange offers for existing notes. Petrobras is also conducting cash offers for five series of notes, according to a company news release.

Petrobras subsidiary Petrobras Global Finance BV is issuing the notes subject to market conditions.

The new notes are expected to have identical terms to the new notes issued in connection with tender exchange offers that expire Sept. 22.

The new notes are being sold under Rule 144A and Regulation S by bookrunners BofA Merrill Lynch, BB Securities, Citigroup, Credit Agricole, HSBC, JPMorgan and Santander.

Proceeds will be used for general corporate purposes, including to refinance upcoming maturities.

Petrobras is an energy company based in Rio de Janeiro.

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