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Petrobras prices tender offers for 19 series for up to $2 billion cap
By Wendy Van Sickle
Columbus, Ohio, April 11 Brazils Petroleo Brasileiro SA (Petrobras) announced the consideration for wholly owned subsidiary Petrobras Global Finance BVs cash tender offers for its outstanding notes from 19 series for a maximum consideration of $2 billion, according to a company news release.
Interest payments are not included in the considerations of the offers, which were announced on April 5.
Group one
Petrobras is offering to purchase up to $1 billion of the following notes in tender group one, listed in order of acceptance priority level with pricing per $1,000, 1,000 or £1,000 principal amount:
$678,649,000 outstanding 6Ό% global notes due March 2024 (Cusip: 71647NAM1) for $1,056.16, set using the 2Ό% U.S. Treasury due March 31, 2024 and a fixed spread of 70 basis points;
446,148,000 outstanding 4Ύ% global notes due January 2025 (ISIN: XS0982711714) for 1,068.34, set using the January 2025 interpolated swap rate and a fixed spread of 115 bps;
$809,711,000 outstanding 5.299% global notes due January 2025 (Cusips: 71647NAT6, 71647NAV1, N6945AAJ6) for $1,048.58, set using the 1Ύ% U.S. Treasury due March 15, 2025 and a fixed spread of 71 bps;
$548,009,000 outstanding 8Ύ% global notes due May 2026 (Cusip: 71647NAQ2) for $1,170.89, set using the 2½% U.S. Treasury due March 31, 2027 and a fixed spread of 139 bps;
£582,539,000 outstanding 6Ό% global notes due December 2026 (ISIN: XS0718502007) for £1,043.41, set using the 3/8% U.K. Treasury due Oct. 22, 2026 and a fixed spread of 352 bps;
$1,224,805,000 outstanding 7 3/8% global notes due January 2027 (Cusip: 71647NAS8) for $1,111.06, set using the 2½% U.S. Treasury due March 31, 2037 and a fixed spread of 195 bps;
$1,510,525,000 outstanding 5.999% global notes due January 2028 (Cusip: 71647NAW9, N6945AAK3, 71647NAY5) for $1,044.06, set using the 2½% U.S. Treasury due March 31, 2027 and a fixed spread of 232 bps;
$694,659,000 outstanding 5Ύ% global notes due February 2029 (Cusip: 71647NAZ2) for $1,026.52, set using the 1 7/8% U.S. Treasury due Feb. 15, 2032 and a fixed spread of 252 bps;
£356,598,000 outstanding 5 3/8% global notes due October 2029 (ISIN: XS0835891838) for £963.96, set using the 7/8% U.K. Treasury due Oct. 22, 2029 and a fixed spread of 427 bps; and,
$1,552,169,000 outstanding 5.093% global notes due January 2030 (Cusips: 71647NBE8, 71647NBF5, N6945AAL1) for $982.60, set using the 1 7/8% U.S. Treasury due Feb. 15, 2032 and a fixed spread of 261 bps.
Group two
In tender group two, Petrobras is offering to purchase up to $1 billion of the following notes, listed in order of acceptance priority level with the related pricing consideration information:
$1,234,620,000 outstanding 5½% global notes due June 2051 (Cusip: 71647NBJ7) for $839.90 set using the 1 7/8% U.S. Treasury due Nov. 15, 2051 and a fixed spread of 395 bps;
$409,167,000 outstanding 5 5/8% global notes due May 2043 (Cusip: 71647NAA7) for $906.60, set using the 2 2/8% U.S. Treasury due Feb. 15, 2042 and a fixed spread of 345 bps;
$692,398,000 outstanding 6Ύ% global notes due June 2050 (Cusip: 71647NBG3) for $950.07, set using the 1 7/8% U.S. Treasury due Nov. 15, 2051 and a fixed spread of 435 bps;
$1,070,033,000 outstanding 6.9% global notes due March 2049 (Cusip: 71647NBD0) for $973.26, set using the 1 7/8% U.S. Treasury due Nov. 15, 2051 and a fixed spread of 431 bps;
$1,767,676,000 outstanding 5.6% global notes due January 2031 (Cusip: 71647NBH1) for $993.85, set using the 1 7/8% U.S. Treasury due Feb. 15, 2032 and a fixed spread of 293 bps;
£441,746,000 outstanding 6 5/8% global notes due January 2034 (ISIN: XS0982711474) for £997.06, set using the 4½% U.K. Treasury due Sept. 7, 2034 and a fixed spread of 470 bps;
$849,827,000 outstanding 6Ύ% global notes due January 2041 (Cusip: 71645WAS0) for $996.70, set using the 2 3/8% U.S. Treasury due Feb. 15, 2042 and a fixed spread of 379 bps;
$815,464,000 outstanding 6 7/8% global notes due January 2040 (Cusip: 71645WAQ4) for $1,010.62, set using the 2 3/8% U.S. Treasury due Feb. 15, 2042 and a fixed spread of 378 bps; and
$1,055,039,000 outstanding 7Ό% global notes due March 2044 (Cusip: 71647NAK5) for $1,019.83, set using the 2 3/8% U.S. Treasury due Feb. 15, 2042 and a fixed spread of 408 bps.
Details
None of the series will be prorated. This may result in a series with a lower acceptance priority level being accepted for a series with a higher acceptance priority level.
Pricing was set at 11 a.m. ET on April 11.
The offers will expire at 5 p.m. ET on April 11 and are expected to settle on April 14.
The guaranteed delivery date deadline is 5 p.m. ET on April 13.
BNP Paribas Securities Corp. (212 841-3059, 888 210-4358), Citigroup Global Markets Inc. (212 723-6106, 800 558-3745), HSBC Securities (USA) Inc. (212 710-6749, 888 HSBC-4LM), Mizuho Securities USA LLC (212 205-7736, 866 271-7403), Morgan Stanley & Co. LLC (212 761-1057, 800 624-1808) and Scotia Capital (USA) Inc. (212 225-5501, 833 498-1660) are the dealer managers for the offers.
Global Bondholder Services Corp. (855 654-2015, 212 430-3774, http://www.gbsc-usa.com/Petrobras/) is the depositary and information agent.
The energy company is based in Rio de Janeiro.
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