Petrobras returns to Cleary Gottlieb for $4bn liability management transaction

Cleary Gottlieb represented long-standing client Petrobras in private offers to purchase for cash six series of notes issued by its finance subsidiary.

The offers included a waterfall feature prioritizing the purchase of the series subject to the offers.  The tender offers launched on March 15, 2018, and early settled on March 29, 2018. 

The firm has long acted for Petrobras in significant SEC reporting, corporate governance, financing and litigation matters. Earlier this year, it advised the company on a SEC-registered $2 billion notes offering. 

Partners David Lopez and Francesca Odell led the Cleary team advising the energy giant.