Petróleo Brasileiro SA subsidiary Petrobras Global Finance BV offered to exchange seven series of global notes for new notes due January 2030 and cash, according to a Sept. 9 news release from the Brazilian firm.
Highest acceptance priority will be given to the 4.375% global notes due May 2023.
The subsidiary will not complete the exchange offer if the aggregate principal amount of new notes will be less than $1 billion or the tenders for cash exceed $3 billion.
The unit also offered to purchase for cash the previous global notes. The offer depends on whether the aggregate tender consideration payable for the old notes validly tendered does not exceed $500 million.
The offers will expire Sept. 13.
