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Brazil’s Petrobras to redeem 4 7/8%, 5¾% notes due 2020 on May 3
By Marisa Wong
Morgantown, W.Va., April 4 – Petroleo Brasileiro SA (Petrobras) announced that wholly owned subsidiary Petrobras Global Finance BV will redeem its outstanding 4 7/8% global notes due 2020 and 5¾% global notes due 2020 in full on May 3.
The redemption price for the $380,543,000 of outstanding 4 7/8% notes will be the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on an annual basis at the Treasury rate plus 25 basis points, along with accrued interest from March 17 to but excluding the redemption date.
The $938,684,000 of outstanding 5¾% notes will be redeemed at the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on an annual basis at the Treasury rate plus 35 bps, plus accrued interest from Jan. 20 to but excluding the redemption date.
Petrobras is a Rio de Janeiro-based oil and gas company.
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