Petrobras in $2.5 Billion SEC-Registered Century Bond Offering

June 5, 2015

Cleary Gottlieb represented long-standing client Petróleo Brasileiro in its SEC-registered offering of $2.5 billion aggregate principal amount of 6.850% guaranteed senior notes due 2115. The notes were issued by Petrobras’s Dutch finance subsidiary, Petrobras Global Finance, and are unconditionally and irrevocably guaranteed by Petrobras. The notes are listed on the New York Stock Exchange. The proceeds will be used to finance Petrobras’s general corporate purposes.

The firm has been representing Petrobras in significant SEC reporting, corporate governance and financing matters for the past year, and this bond offering was Petrobras’s first since March 2014. According to media reports, this was the largest century bond offering to date and the first by a Brazilian issuer. The offering closed on June 5, 2015.