Petrobras in $8.5 Billion SEC-Registered Notes Offering

March 17, 2014

Cleary Gottlieb represented long-standing client Petróleo Brasileiro in its SEC-registered offering of $8.5 billion aggregate principal amounts of guaranteed senior notes. The notes were issued in six tranches by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V., and listed on the New York Stock Exchange. The proceeds will be used to finance Petrobras’ planned capital expenditures under its 2014-2018 Business Plan and for general corporate purposes. According to media reports, this was the third-largest bond issue worldwide so far this year. The offering closed on March 17, 2014.

The notes are unconditionally and irrevocably guaranteed by Petrobras, and the general terms of the notes are as follows:

U.S.$ 1.60 billion of PGF’s 3.250% Global Notes due 2017
U.S.$ 1.50 billion of PGF’s 4.875% Global Notes due 2020
U.S.$ 2.50 billion of PGF’s 6.250% Global Notes due 2024
U.S.$ 1.00 billion of PGF’s 7.250% Global Notes due 2044
U.S.$ 1.40 billion of PGF’s Floating Rate Global Notes due 2017
U.S.$ 0.50 billion of PGF’s Floating Rate Global Notes due 2020