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3R Petroleum (RRRP3) Issues US$ 500 Million in Senior Secured Notes, With a Coupon Rate of 9.750% Per Annum.
The acquisition of the Potiguar Pole by 3R Petroleum (RRRP3) was a strategic milestone celebrated by the market a year ago. The company priced the issuance of US$ 500 million in senior secured notes, with a coupon rate of 9.750% per annum and maturing in 2031. The operation, carried out by the subsidiary 3R Lux, will be used to refinance the debt incurred in financing the acquisition of the Potiguar Pole. The notes will have fiduciary and real guarantees, including receivables from oil and gas off-take contracts and shares of subsidiaries. The settlement of the issuance is scheduled for February 5.
3R Petroleum (RRRP3) closed the purchase of the Potiguar Pole from Petrobras (PETR4) for US$ 1.38 billion, after obtaining a US$ 500 million loan led by Morgan Stanley Senior Funding. The acquisition of the Ibama license to operate the Potiguar assets was a celebrated victory, boosting the company’s shares by over 10%. The incorporation of Potiguar was a major risk event for 3R Petroleum, allowing a reassessment of the stock’s value and greatly increasing the visibility of cash flow in the future. The payment to Petrobras was made with credit approved by a consortium of banks led by Morgan Stanley a year earlier.
3R Petroleum and Its Operation in the Potiguar Pole
3R Petroleum, also known by its stock code RRRP3, announced a material fact regarding its operation in the Potiguar Pole. The company acquired the net assets of the Potiguar Pole from Petrobras, thus securing its position as operator with the completion of the transaction.
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With the completion of the acquisition of net assets, 3R Petroleum now has the responsibility of assuming the debt associated with the Potiguar assets, including fiduciary and real guarantees. This secures the agreement with Petrobras and reinforces 3R Petroleum’s commitment to maintaining operations and investments in the Potiguar Pole.
Additionally, the company obtained the license to operate activities in the Potiguar Pole and is ready to make payments related to the acquisition of the assets. 3R Petroleum is committed to ensuring the success of the agreement, aligning with corporate governance practices in the energy sector.
The acquisition of the net assets of the Potiguar Pole by 3R Petroleum also brings benefits for the visibility of the company’s cash flow, reinforcing its position in the energy asset market. This material fact also impacts the value of 3R Petroleum’s shares, strengthening investor confidence in the company.
Source: MoneyTimes
