Petrobras in $4.04 Billion A/B Exchange Offer
September 17, 2020
Cleary Gottlieb represented Petróleo Brasileiro S.A. (Petrobras) in an A/B exchange offer of $4.04 billion aggregate principal amount of 5.093% global notes due 2030.
The global notes were registered under the Securities Act and issued by Petrobras’ wholly owned subsidiary Petrobras Global Finance B.V. (PGF) in exchange for an equal principal amount of PGF’s outstanding 5.093% global notes due 2030, issued by PGF in private transactions in reliance upon exemptions form the registration requirements of the Securities Act. The exchange offer commenced on August 17, 2020, expired on September 15, 2020, and settled on September 17, 2020.
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.