Petrobras in Bond Offering and Liability Management

Cleary Gottlieb is representing long-standing client Petróleo Brasileiro S.A. (Petrobras) in an SEC-registered issuance of 6% global notes due 2035.

The notes will be issued by Petrobras’ Dutch finance subsidiary, Petrobras Global Finance B.V. (PGF) and unconditionally and irrevocably guaranteed by Petrobras. Petrobras intends to list the notes on the New York Stock Exchange. The offering priced on September 3, 2024, and is expected to close on September 13, 2024.

PGF intends to use the net proceeds from the sale of the notes to partially fund concurrent abbreviated five-day cash tender offers targeting six series of its outstanding notes denominated in U.S. dollars. The tender offers launched on September 3, 2024, will expire on September 9, 2024, and are expected to settle on September 13, 2024.

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.