Petrobras offers to pay $4 billion in tender for six series of notes

New York, March 15 – Petroleo Brasileiro SA – Petrobras announced tender offers in which it will pay up to $4 billion for six series of notes issued by subsidiary Petrobras Global Finance BV.

The maximum purchase price excludes accrued interest.

Notes covered by the offer are as follows, listed in order of acceptance priority:

• $181,695,000 of floating-rate global notes due March 2020 at a price of $1,050.00 per $1,000 principal amount;

• €750 million of 3¾% global notes due January 2021 at a price of €1,077.50 per €1,000 principal amount;

• $2,712,805,000 of 5 3/8% global notes due January 2021 at a price of $1,052.50 per $1,000 principal amount;

• $2,844,529,000 of 8 3/8% global notes due May 2021 at a price of $1,143.75 per $1,000 principal amount;

• $3 billion of 6 1/8% global notes due January 2022 at a price of $1,076.25 per $1,000 principal amount; and

• $3.5 billion of 4 3/8% global notes due May 2023 at a price of $996.25 per $1,000 principal amount.

All the prices include an early tender premium of $30.00 per $1,000 principal amount or €30.00 per €1,000 principal amount that will only be paid for notes tendered by the early deadline of 5 p.m. ET on March 28.

The tender ends at 11:59 p.m. ET on April 11.

In fixing the amount of notes to be accepted, the issuer will use the dollar equivalent for the euro-denominated notes based on the exchange rate at 2 p.m. ET on the business day before settlement.

Petrobras will also pay accrued interest up to but excluding the settlement date.

BB Securities Ltd. (+44 20 7367-5803), BTG Pactual US Capital, LLC (212 293-4600), HSBC Securities (USA) Inc. (888 HSBC-4LM), J.P. Morgan Securities LLC (866 846-2874), Merrill Lynch, Pierce, Fenner & Smith Inc. (888 292-0070), MUFG Securities Americas Inc. (877 744-4532) and Santander Investment Securities Inc. (855 404-3636) are dealer managers.

Global Bondholder Services Corp. (866 470-3900) is information agent and depositary.

Petrobras is a Rio de Janeiro-based oil and gas company.

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