Petrobras’ $2 Billion Offering
January 25, 2018
Cleary Gottlieb represented long-standing client Petróleo Brasileiro S.A. (Petrobras) in its SEC-registered offering of $2.0 billion principal amount of its 5.750 percent global notes due 2029.
The notes were issued by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V., and are unconditionally and irrevocably guaranteed by Petrobras. The notes will be listed on the New York Stock Exchange.
The offering priced on January 25, 2018, and is expected to close on February 1, 2018. PGF 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.
The firm has been representing Petrobras for many years in significant SEC reporting, corporate governance, financing and litigation matters. Most recently, the firm represented Petrobras in reaching an agreement in principle to settle the securities class action lawsuit filed against it in the U.S. District Court for the Southern District of New York.