Petrobras’ $4 Billion Liability Management Transaction

March 29, 2018

Cleary Gottlieb represented long-standing client Petróleo Brasileiro S.A. (Petrobras) in private offers to purchase for cash six series of notes issued by Petrobras’ wholly owned Dutch finance subsidiary Petrobras Global Finance B.V., for an aggregate purchase price, excluding accrued and unpaid interest, of up to $4 billion.

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 settled on March 29, 2018.

The firm has been representing Petrobras in significant SEC reporting, corporate governance, financing, and litigation matters for many years.