Petróleo Brasileiro S.A.’s $4 Billion Notes Offering

Cleary Gottlieb Steen & Hamilton, Hogan Lovells, Pinheiro Neto and Shearman & Sterling have advised on the transaction

Petróleo Brasileiro S.A. (Petrobras) finalizes its SEC-registered offering of $2 billion aggregate principal amount of 6.125 percent global notes due 2022 and $2 billion aggregate principal amount of 7.375 percent global notes due 2027.

The notes were issued by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V. (PGF), and are unconditionally and irrevocably guaranteed by Petrobras. The notes are expected to be listed on the New York Stock Exchange. The offerings priced on January 9, 2017, and closed on January 17, 2017.

BB Securities Limited, Banco Bradesco BBI S.A., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc. and Morgan Stanley & Co. LLC acted as underwriters.

PGF will use up to approximately $3.98 billion of the proceeds of the notes offering to repurchase seven different series of its outstanding notes pursuant to a concurrent cash tender offer that launched on January 9, 2017. The tender offer includes a waterfall feature giving priority to the repurchase of certain series of notes over others. The tender offer has an early tender date of January 23, 2017, and is expected to expire on February 6, 2017.

Cleary Gottlieb Steen & Hamilton LLP has advised Petróleo Brasileiro S.A. with Nicolas Grabar (Picture), Francesca Odell, Erika Nijenhuis, Manuel Silva, Fernando Martínez, Andrea Lavourinha and Rachel Shapiro.

In Amsterdam, Hogan Lovells has advised Petrobras Global Finance B.V. with Wouter Jongen, Anton Louwinger, Alexander Fortuin, Yvette Voermans and Matthijs Dols.

Pinheiro Neto has advised the underwriters with Ricardo Simões Russo, Luis Arthur Terra Alves and Cristina Liu.

Shearman & Sterling has advised the underwriters with Stuart Fleischmann, Flavio Averbug and Mariana Pacini.


Involved fees earner: Ricardo Simões Russo – Pinheiro Neto; Luis Arthur Terra Alves – Pinheiro Neto; Cristina Liu – Pinheiro Neto; Wouter Jongen – Hogan Lovells; Yvette Voermans – Hogan Lovells; Anton Louwinger – Hogan Lovells; Alexander Fortuin – Hogan Lovells; Matthijs Dols – Hogan Lovells; Stuart Fleischmann – Shearman & Sterling; Flavio Averbug – Shearman & Sterling; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Fernando Martinez – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton;

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

Clients: Citigroup Global Markets Ltd; HSBC; Morgan Stanley; Petrobras; Banco Bradesco BBI S.A.; BB Securities Ltd; Itaú BBA USA Securities; Petrobras Global Finance B.V.;



Author: Ambrogio Visconti