Cleary Gottlieb reprised role for Petrobras on new issuance
Petrobras returned to regular counsel Cleary Gottlieb for a SEC-registered $2 billion notes offering.
The notes, which will be listed on the NYSE, were issued by Petrobras Global Finance, the company’s Dutch finance subsidiary and are unconditionally and irrevocably guaranteed by Petrobras.
The transaction consisted on an offering of $2 billion principal amount of Petrobras’ 5.750% global notes due 2029. The offering priced on January 25 and is expected to close on February 1.
The company will use the net proceeds from the sale of the notes to redeem three series of outstanding notes and the remainder, if any, to repay other existing indebtedness and for general corporate purposes.
Partners Nicolas Grabar and Francesca Odell led the team advising Petrobras.
Cleary Gottlieb regularly advises the company on SEC reporting, corporate governance, financing and litigation matters.
