September 21, 2020 |
Brazilian oil and gas company PetroRio said it suspended a cross-border bond offering late last week due to uncertainties in the oil market.
The Rio de Janeiro-based company had been planning to sell $450 million worth of five-year notes and had hired Credit Suisse, Citi and Santander as bookrunners.
"This decision was made in accordance with PetroRio's financial discipline, financial leverage (Net Debt/EBITDA) which remains in a downward trend, and operating cash flow, which is suitable to its
Brazilian oil and gas company blames volatile oil market for the decision