Petrobras in $4 Billion Liability Management Transaction
June 6, 2018
Cleary Gottlieb represented long-standing client Petróleo Brasileiro S.A. (Petrobras) in private offers to purchase for cash eleven series of notes issued by Petrobras’ wholly-owned Dutch finance subsidiary Petrobras Global Finance B.V.
The offers included a dual waterfall feature prioritizing the purchase of the series subject to the offers. One of the offers targeted notes with three to five year maturities for an aggregate purchase price, excluding accrued and unpaid interest, of up to $2.0 billion. The other offer targeted notes with longer maturities of up to 25 years for an aggregate purchase price, excluding accrued and unpaid interest, of up to $2.0 billion. The tender offers launched on May 21, 2018, and early settled on June 6, 2018.
The firm has been representing Petrobras in significant SEC reporting, corporate governance, financing, and litigation matters for many years.