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Petrobras announces results of exchange offers made by unit

Petróleo Brasileiro SA announced the results of the exchange offers made by its subsidiary Petrobras Global Finance BV that ended on Sept. 13, according to a Sept. 16 news release from the Brazilian state-controlled company.

The unit will issue around $4.11 billion for an aggregate principal amount of 5.093% global notes due on January 2030, and will pay $2.78 billion in cash to exchange seven series of old global notes.

The highest acceptance priority was given to 4.375% global notes due May 2023.

Under another cash offer for the same series of old global notes, the unit will pay around $56.0 million in cash for the tendered notes.

The subsidiary will settle on Sept. 18.

The unit engaged Citigroup Global Markets Inc., Credit Agricole Securities USA Inc., HSBC Securities USA Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Santander Investment Securities Inc. as dealer managers for the offers.