Petrobras in $790 Million Liability Management Transaction
July 15, 2022
Cleary Gottlieb represented long-standing client Petróleo Brasileiro S.A. (Petrobras) in an abbreviated five-day cash tender offer targeting 20 series of its outstanding notes denominated in U.S. dollars, Euros, and Pounds Sterling.
The cash tender offers were made by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V. (PGF). The purchase price for each series of notes was based on a fixed-spread over benchmark security yields.
The tender offers launched on July 6, 2022, expired on July 12, 2022, and settled on July 15, 2022.
The 20 series of notes were divided into two groups and assigned an acceptance priority level and tender cap of $750 million per group. PGF has accepted all notes tendered for each group.
Petrobras is one of the world’s largest integrated oil and gas companies, engaging in a broad range of oil and gas activities. The firm has represented Petrobras for many years in significant SEC reporting, corporate governance, financing, and litigation matters.