Petrobras buys back half of 2023s
March 20, 2019 |
Brazil's state-owned energy company accepts $1.44bn in 2023 notes after raising a fresh $3bn in the bond market last week
Brazil's Petrobras said it has agreed to buy back $1.44bn in 4.375% 2023 bonds, with another $32m in tendered notes still pending.
The state-owned energy company had put out the call to repurchase up to $3.2bn in old notes, including all the $3.12bn in outstanding 2023s and bonds from nine other series that mature between 2021 and 2025.
The early deadline for the 2023s was March 18. The early deadline to tender the other notes is March 25. Petrobras said it plans to pay $1,015 for every $1,000 in 2023 notes tendered on March 21. The company sold $3.5bn in 2023 notes in 2013 and repurchased $295m in January this year.
BNP Paribas, Bradesco, Citi, Goldman Sachs, HSBC and Santander were the lead dealer managers on the buyback, with ABN Amro, BBVA and Commerzbank as the co-dealer managers, Petrobras said in a statement.
The same banks led Petrobras to the bond market earlier this month to sell $3bn in notes to pay for the buyback. The energy company issued $2.25bn in new 30-year notes at 6.9% and added $750m to its 2029 bonds at 6.9%.
Petrobras also said it has named Andrea Almeida as its new CFO and Rafael Grisolia as the new CEO of its service station subsidiary BR Distribuidora.