Brazil’s Petrobras gets tenders for $13.5 million, €200,000 more notes

By Susanna Moon

Chicago, Feb. 9 – Petroleo Brasiliero SA (Petrobras) said investors had tendered $4,899,100,000 and €631,753,000 principal amount of notes in the offer that ended at 11:59 p.m. ET on Feb. 8.

Holders had tendered another $13,542,000 and €200,000 principal amount of old notes since 5 p.m. ET on Jan. 25, the early tender date.

Petrobras accepted all of those notes for purchase with settlement set for Feb. 13, according to a company update.

The total cash payment for notes tendered after the early deadline will be $13,975,639.76 and €209,913.02, including accrued interest.

The breakdown for the tenders is as follows, with the purchase price for each $1,000 or €1,000 principal amount as follows and the notes listed in order of priority acceptance levels:

• $760,733,000 of the $1,452,566,000 3% global notes due January 2019 with a total purchase price of $1,006.25 and base price of $976.25;

• $419,477,000 of the $750,492,000 floating-rate global notes due January 2019 with a total purchase price of $1,016.25 and base price of $986.25;

• $1,108,347,000 of the $1,813,907,000 7 7/8% global notes due March 2019 with a total purchase price of $1,105 and base price of $1,075.00;

• €631,753,000 of the €1.3 billion 3Ό% global notes due April 2019 with a total purchase price of €1,051.25 and base price of €1,021.25;

• $1,334,773,000 of the $2.5 billion 5Ύ% global notes due January 2020 with a total purchase price of $1,048.75 and base price of $1,018.75;

• $957,465,000 of the $1.5 billion 4 7/8% global notes due March 2020 with a total purchase price of $1,027.50 and base price of $997.50; and

• $318,305,000 of the $500 million floating-rate global notes due March 2020 with a total purchase price of $1,016.25 and base price of $986.25.

The total payment included an early tender premium of $30 or €30, respectively, for each $1,000 or €1,000 principal amount of notes tendered by the early deadline at 5 p.m. ET on Jan. 25.

Holders also will receive accrued interest to but excluding the settlement date, which was Jan. 30 for early tendered notes.

Petrobras began the tender offer for several series of notes on Jan. 9 with a $2 billion cap then announced later in the day that it had doubled the cap to $4 billion, excluding interest. The company then upsized the offer again on Jan. 24 to $6 billion.

The offers were previously extended from 11:59 p.m. ET on Feb. 6, with the early tender deadline originally set for 5 p.m. ET on Jan. 23.

Holders had tendered $4,885,558,000 and €631,553,000 principal amount of several series of notes as of the early tender deadline.

The company accepted for purchase all of the notes tendered by the early deadline, with settlement set for Jan. 30.

Petrobras paid $5,821,471,639.26 in cash excluding interest to settle the early tendered notes, based on dollar exchange rates.

As previously announced, the cap was lifted after the company priced $4 billion of notes in five- and 10-year tranches late on Jan. 9.

Banco Bradesco BBI SA (212 888-9145), Citigroup Global Markets Inc. (212 723-6106), HSBC Securities (USA) Inc. (212 525-5552), Itau BBA USA Securities, Inc. (212 710-6749) and Morgan Stanley & Co. LLC (212 761-1057) are the joint bookrunners and dealer managers. Global Bondholder Services Corp. (866 470-3900) is the depositary and information agent.

Petrobras is an energy company based in Rio de Janeiro.

© 2015 Prospect News.
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