Petrobras in $1.5 Billion Transaction

January 4, 2019

Cleary Gottlieb is representing long-standing client Petróleo Brasileiro S.A. (Petrobras) in private offers to purchase for cash eight 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 $1.5 billion.

The various series were bundled into two separate groups, with the tender price for each group determined, in part, pursuant to modified “Dutch” auctions. The tender offers launched on December 6, 2018, early settled on December 21, 2018, and expired on January 4, 2019.

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