The offering consisted of 5.6% global notes due in 2031 with an aggregate principal amount of USD 1.5 billion and 6.75% global notes due in 2050 with an aggregate principal amount of USD 1.75 billion. The notes were issued by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance BV (PGF), and are unconditionally and irrevocably guaranteed by Petróleo Brasileiro S.A. The notes will be listed on the New York Stock Exchange. The notes were issued under PGF's shelf registration statement, previously filed with the SEC, which allows PGF to issue SEC-registered securities from time to time. The offering priced on 27 May 2020 and closed on 3 June 2020.
PGF intends to use the net proceeds from the sale of the notes for general corporate purposes.
Dewi Walian from our Capital Markets team comments: "We have worked with Petrobras for many years now, mainly on corporate and tax law matters. Last year, Petrobras appointed us to their legal panel as their preferred advisor, to assist the Dutch entities of the Petrobras group in all matters of Dutch law. This was our first time assisting it with a notes offering. We are pleased to have increased our involvement with this client, a true pioneer in its field, particularly in these interesting times where we see much appetite on the debt market."
We worked on the transaction together with Cleary Gottlieb Steen & Hamilton Consultores em Direito Estrangeiro in Brazil.