Petrobras Energía in $300 Million Debt Offering

May 7, 2007

Cleary Gottlieb represented longtime client Petrobras Energía S.A. in its $300 million Rule 144A/Reg S offering of 5.875% Series S notes due 2017. HSBC and Morgan Stanley acted as underwriters and co-manager. The notes are listed on EuroMTF, the Luxembourg Stock Exchange’s alternative market.  The deal closed on May 7.

Petróleo Brasileiro S.A. – PETROBRAS, Brazil’s state-controlled oil company and Petrobras Energía’s controlling shareholder, backed the notes. Cleary Gottlieb also represented longtime client Petrobras in the offering.

Petrobras is among the 10 largest oil companies in the world, the third largest in Latin America, and Brazil’s largest by market value. Petrobras operates in Argentina, Bolivia, Brazil, Colombia, Ecuador, Peru and Venezuela.