Petrobras’ $4.04 Billion A/B Exchange Offer

Cleary Gottlieb and NautaDutilh represented Petróleo Brasileiro S.A. in the transaction.

Petróleo Brasileiro S.A. — Petrobras (“Petrobras”) executed 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’s 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, expired on September 15 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.

The Cleary corporate team advising Petrobras on the transaction included partners Francesca Odell (Picture) and Manuel Silva and associates Andrea Lavourinha and Sofia Falzoni. Senior attorney David Stewart Fisher and associate Hannah Littman advised on tax matters.

NautaDutilh advised Petrobras with a team including Petra Zijp, Dewi Walian, Pedro Bruzzi Bezerra and Mariëlle van Nimwegen.

Shearman & Strerling advised BB Securities Limited, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and MUFG Securities Americas Inc. in US.

In Brazil, Pinheiro Neto advised BB Securities Limited, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and MUFG Securities Americas Inc. Ricardo Simões Russo, Marcos Saldanha Proença and Guedes Araújo.

Involved fees earner: Sofia Falzoni – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; Hannah Littman – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Pedro Bruzzi Bezerra Paraguay – NautaDutilh; Mariëlle van Nimwegen – NautaDutilh; Dewi Walian – NautaDutilh; Petra Zijp – NautaDutilh; Gustavo Guedes Araújo – Pinheiro Neto; Ricardo Simões Russo – Pinheiro Neto; Marcos Saldanha Proenca – Pinheiro Neto;

Law Firms: Cleary Gottlieb Steen & Hamilton; NautaDutilh; Pinheiro Neto;

Clients: BB Securities Ltd; Citigroup Global Markets Ltd; Credit Suisse Securities Limited; Goldman Sachs & Co.; Mizuho Securities; MUFG Securities (Europe) N.V. ; Petrobras;

Author: Ambrogio Visconti