Petrobras Closes $1.25B Global Notes Due 2019

Petrobras announced that its wholly owned subsidiary Petrobras International Finance Company ("PifCo") closed today the re-opening of the of Global Notes due March 15, 2019 in the amount of US $1.25 billion. The yield to investors was 1.25% below the yield of the original issuance, closed in February 2009, and the following conditions were confirmed today:

  • Coupon: 7.875%
  • Yield to Investors: 6.875%
  • Spread to US Treasury Note: 332,3 basis points
  • Interest Payment Dates: March 15 and September 15 of each year, beginning on September 15, 2009.
  • Ratings: Baa1 (Moody’s); BBB- (S&P); BBB (Fitch)
  • Joint Bookrunners: Citi, HSBC, J.P. Morgan and Santander
  • Co-Managers: Banco do Brasil e Societe Generale
  • Status: Senior, unsecured

The book was five times oversubscribed and the notes were distributed to over 280 investors from United States, Europe and Latin America, the majority of which dedicated to high grade market.

In accordance with the 2009-2013 Business Plan, Petrobras will use these funds to repay the bridge loans incurred at the beginning of this year.


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