Petrobras in €3.05 Billion and £600 Million SEC-Registered Multi-Tranche Notes Offering

Cleary Gottlieb represented long-standing client Petróleo Brasileiro S.A. (“Petrobras”) in its SEC-registered offering of €3.05 billion and £600 million aggregate principal amounts of guaranteed senior notes. The notes were issued in four tranches by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V., and will be listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market. The proceeds will be used to finance Petrobras’ planned capital expenditures under its 2013-2017 Business Plan and for general corporate purposes. According to media reports, this was the largest-ever debt offering in Europe by an emerging market company. The offering closed on January 14, 2014.

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

• €1.5 billion of PGF’s 2.750% Global Notes due 2018
• €750 Million of PGF’s 3.750% Global Notes due 2021
• €800 Million of PGF’s 4.750% Global Notes due 2025
• £600 Million of PGF’s 6.625% Global Notes due 2034