Petrobras in $1.5 Billion Private Offers to Purchase Eight Series of Notes


Cleary Gottlieb, Shearman & Sterling and Pinheiro Neto advised on the transaction

Petróleo Brasileiro S.A. (Petrobras) executed its private offers to purchase for cash eight series of notes issued by Petrobras’ wholly owned Dutch finance subsidiary Petrobras Global Finance B.V., for an aggregate purchase price, excluding accrued and unpaid interest, of up to $1.5 billion.

The various series were bundled into two separate groups, with the tender price for each group determined, in part, pursuant to modified “Dutch” auctions. The tender offers launched on December 6, 2018, early settled on December 21, 2018, and expired on January 4, 2019.

BB Securities Limited, Credit Agricole Securities (USA) Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mizuho Securities USA LLC acted as dealers on the offering.

Cleary advised Petrobras with a team including David Lopez (Picture), Francesca Odell, Erika Nijenhuis, Manuel Silva, Thomas Graham, Andrea Lavourinha, Silvia Fittipaldi, Julián Cardona, Stephanie Charles and Hannah Littman.

Shearman & Sterling advised BB Securities Limited, Credit Agricole Securities (USA) Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mizuho Securities USA LLC with Stuart Fleischmann, Roberta Cherman and Samantha Glover.

Pinheiro Neto advised BB Securities Limited, Credit Agricole Securities (USA) Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mizuho Securities USA LLC with Ricardo Simões Russo, Marcos Saldanha Proença and Cristina Liu.

Involved fees earner: Julian Cardona – Cleary Gottlieb Steen & Hamilton; Silvia Fittipaldi – Cleary Gottlieb Steen & Hamilton; Thomas Galvão Graham – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Cristina Liu – Pinheiro Neto; Ricardo Simões Russo – Pinheiro Neto; Marcos Saldanha Proenca – Pinheiro Neto; Roberta Berliner Cherman – Shearman & Sterling; Stuart Fleischmann – Shearman & Sterling; Samantha Glover – Shearman & Sterling;

Law Firms: Cleary Gottlieb Steen & Hamilton; Pinheiro Neto; Shearman & Sterling;

Clients: BB Securities Ltd; Credit Agricole Securities (USA) Inc.; Itaú BBA USA Securities; JP Morgan Securities; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Mizuho Securities; Petrobras;