Cleary Gottlieb guides Petrobras $3.25bn notes offering
Petróleo Brasileiro (Petrobras) has carried out a $3.25 billion, SEC-registered notes offering, on which it was advised by US law firm Cleary Gottlieb Steen & Hamilton.
The Brazilian state oil company is one of the law firm’s long-standing clients.
The notes offering consisted of a $1.5 billion aggregate principal amount of 5.6 per cent global notes due 2031 and $1.75 billion aggregate principal amount of 6.75 per cent global notes due 2050.
The notes were issued by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance (PGF), and are unconditionally and irrevocably guaranteed by Petrobras.
The notes will be listed on the New York Stock Exchange. The offering priced on May 27, 2020, and closed on June 3, 2020.
PGF intends to use the net proceeds from the sale of the notes for general corporate purposes.
