Petrobras plans R$3 billion of debentures in up to three tranches

By Rebecca Melvin

New York, July 24 – Brazil’s Petroleo Brasileiro SA (Petrobras) said its board has approved a public offering of R$3 billion of nonconvertible unsecured debentures in up to three tranches, according to a 6-K filed with the Securities and Exchange Commission on Wednesday.

The debentures maturing Sept. 15, 2029, Sept. 15, 2034 and Sept. 15, 2026 are earmarked for energy exploration and development activities; and proceeds of the debentures maturing Sept. 15, 2026 are to be used to reinforce cash for use in the ordinary course of business of the company.

The issuance may be upsized up to 20%, or up to R$600 million.

The debentures will be distributed under better placement efforts by financial institutions that are part of the securities distribution system. Pricing will be determined after bookbuilding procedures.

Petrobras is a Rio de Janeiro-based oil and gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.