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Petrobras offers new global notes, commences cash tender offer

Petróleo Brasileiro SA - Petrobras said March 12 its subsidiary Petrobras Global Finance BV is offering new global notes and commencing cash tender offers to repurchase existing notes and for general corporate purposes.

The offer includes for cash purchase global notes with a 4.375% interest due May 2023 with a principal amount of around $3.12 billion. The offer will expire March 18 and is expected to be settled March 21, unless the offer is extended.

The company also offered global waterfall notes starting with a 5.299% interest due January 2025 with a principal amount of around $3.54 billion at priority level 1; 5.375% interest due January 2021 with a principal amount of $1.1 billion at priority level 2; 6.125% interest due January 2022 with a principal amount of around $1.3 billion at priority level 3; 6.250% interest due March 2024 with a principal amount of $2.4 billion at priority level 4; 3.750% interest due January 2021 with a principal amount of around 283.3 million at priority level 5; 8.375% interest due May 2021 with a principal amount of around $902 million at priority level 6; 4.250% interest due October 2023 with a principal amount of 454.8 million at priority level 7; 4.750% interest due January 2025 with a principal amount of 800 million at priority level 8; and 5.875% interest due March 2022 with a principal amount of 600 million at priority level 9.

The waterfall offer will expire April 8, but it could be extended.