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Petrobras to redeem 3%, 3¼%, 7 7/8% notes due 2019 on Feb. 26
By Marisa Wong
Morgantown, W.Va., Jan. 29 – Brazil’s Petroleo Brasileiro SA (Petrobras) will redeem its $691,833,000 outstanding 3% global notes due 2019, €668,247,000 outstanding 3¼% global notes due 2019 and $558,351,000 outstanding 7 7/8% global notes due 2019 on Feb. 26, according to a news release.
The redemption price for the 3% notes will be the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on an annual basis at the Treasury rate plus 35 basis points, along with accrued interest from Jan. 15 to but excluding the redemption date.
The 3¼% notes will be redeemed at the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on an annual basis at the Bund rate plus 40 bps, plus accrued interest from April 1, 2017 to but excluding the redemption date.
The redemption price for the 7 7/8% notes will be the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on a semiannual basis at the Treasury rate plus 50 bps, plus accrued interest from Sept. 15 to but excluding the redemption date.
As previously announced, Petrobras will redeem the three series of existing notes using proceeds from its $2 billion offering of new 5¾% global notes due 2029.
The existing notes were issued by subsidiary Petrobras Global Finance BV.
Bank of New York Mellon is the trustee and paying agent.
Petrobras is a Rio de Janeiro-based oil and gas company.
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