Brazil’s Petrobras launches $2 billion 11-year notes to yield 5.95%

By Rebecca Melvin

New York, Jan. 25 – Petrobras Global Finance BV, a subsidiary of Brazil’s Petroleo Brasileiro SA (Petrobras), launched an offering of $2 billion of 11-year notes (expected rating: //BB) to yield 5.95%, according to a market source on Thursday.

The notes had been talked initially in the low to mid 6% range.

Banco Bradesco BBI SA, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Itau BBA USA Securities, Inc. and Mizuho Securities USA LLC were bookrunners for the Securities and Exchange Commission-registered deal.

Proceeds are earmarked for the redemption of its existing 3% global notes due January 2019, 7 7/8% global notes due March 2019 and 3¼% global notes due April 2019, with the remainder to repay other existing debt and for general corporate purposes.

The energy company is based in Rio de Janeiro.

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