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Petrobras Announced That Its Subsidiary Petrobras Global Finance BV Will Launch Two Global Bond Buyback Offers With Maturities Between 2021 and 2044
Petrobras is opening two buyback offers for bonds abroad, one of the “Any-and-all” type for the entire outstanding amount of certain bonds in euros and pounds with varying maturities; and another, the “Waterfall”, in dollars, up to the limit of US$ 3 billion less the total payment made in the first. The bonds are from Petrobras Global Finance B.V. – PGF.
If the amount offered by the bondholders causes the Waterfall Buyback Offer to exceed the limit of US$ 3 billion, the bonds validly delivered and accepted for repurchase will be repurchased following a priority order; less the payment made in the Any-and-all offer.
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And if the amount offered causes the Any-and-all offer to exceed US$ 3 billion, the Waterfall will be automatically canceled.
The expiry date for the Any-and-all is 5 PM on July 8 and for the Waterfall, 11:59 PM (New York time) on July 29.
The banks involved in the offers are BB Securities Limited, BofA Securities, Bradesco BBI, Credit Suisse Securities, JPMorgan Securities LLC, and Scotia Capital.
“The buyback offers are: (i) the entire outstanding amount of the global bonds described in Table 1 below (“Any-and-all”), and (ii) the global bonds described in Table 2 below in the order mentioned in the column “Priority Level”
(“Waterfall”), up to the limit of US$ 3 billion less the Total Payment made within the Any-and-all offer (the offers, collectively, “Buyback Offers”)”, says the note.
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