Petrobras’ $2 Billion Offering

Cleary Gottlieb Steen & Hamilton, Pinheiro Neto and hearman & Sterling advised on the transaction

Petróleo Brasileiro S.A. (Petrobras) executed its SEC-registered offering of $2.0 billion principal amount of its 5.750 percent global notes due 2029.

The notes were issued by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V., and are unconditionally and irrevocably guaranteed by Petrobras. The notes will be listed on the New York Stock Exchange.

BNP Paribas Securities Corp., Banco Bradesco BBI S.A, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Itau BBA USA Securities, Inc. and Mizuho Securities USA LLC acted as Joint-bookrunners on the offering.

The offering priced on January 25, 2018, and is expected to close on February 1, 2018. PGF will use the net proceeds from the sale of the notes to redeem three series of outstanding notes and the remainder, if any, to repay other existing indebtedness and for general corporate purposes.

Cleary Gottlieb Steen & Hamilton advised Petrobras with Nicolas Grabar (Picture), Francesca Odell, Erika Nijenhuis, Manuel Silva, Andrea Lavourinha, Fernando Martínez, Morgan White-Smith, Thomas Graham and David Maranjian.

In Brazil, Pinheiro Neto Advogados advised the Joint-bookrunners with Ricardo Russo, Marcos Proença and Rafael Martins.

In US, Shearman & Sterling advised the Joint-bookrunners with Stuart Fleischmann, Roberta Cherman, Flavio Averbug and Anusha Pamula.


Involved fees earner: Ricardo Simões Russo – Pinheiro Neto; Marcos Saldanha Proenca – Pinheiro Neto; Rafael Garcia Santana Martins – Pinheiro Neto; Stuart Fleischmann – Shearman & Sterling; Roberta Berliner Cherman – Shearman & Sterling; Flavio Averbug – Shearman & Sterling; Anusha Pamula – Shearman & Sterling; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; Fernando Martinez – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; Morgan White-Smith – Cleary Gottlieb Steen & Hamilton;

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

Clients: BNP Paribas Securities; Citigroup Global Markets Ltd; Credit Agricole; Mizuho Securities; Petrobras; Banco Bradesco BBI S.A.; Itaú BBA USA Securities; Petrobras Global Finance B.V.;



Author: Ambrogio Visconti