Petrobras in $3.25 Billion Offering

Cleary Gottlieb represented long-standing client Petróleo Brasileiro S.A. (Petrobras) in an SEC-registered notes offering.

The notes offering consisted of an offering of $1.5 billion aggregate principal amount of 5.6% global notes due 2031 and $1.75 billion aggregate principal amount of 6.75% global notes due 2050. The notes were issued by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V. (PGF), and are unconditionally and irrevocably guaranteed by Petrobras. The notes will be listed on the New York Stock Exchange. The offering priced on May 27, 2020, and closed on June 3, 2020.

PGF intends to use the net proceeds from the sale of the notes for general corporate purposes.

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