Cleary Gottlieb Steen & Hamilton LLP's New York and São Paulo offices have helped Brazil's state-owned energy company Petrobras sell US$4 billion worth of global notes.
The underwriters hired Shearman & Sterling LLP's New York office and Brazil's Pinheiro Neto Advogados.
Petrobras registered notes with interest rates of 6.125%, 7.375% and 7.25% due in 2022, 2027 and 2044 respectively. The rates are on average the lowest Petrobras has sold debt at in more than three years. Petrobras will use the proceeds to pay down a series of notes due in 2018.
The notes were issued by Petrobras's Dutch finance subsidiary, Petrobras Global Finance, which hired Hogan Lovells LLP in Amsterdam. The notes are guaranteed by Petrobras. They are listed on the New York Stock Exchange and priced on 15 May, with the transaction closing on 22 May.
The notes priced just a few days before Brazil's latest political crisis unfurled. On 19 May Brazil's attorney general Rodrigo Janot accused President Michel Temer of attempting to disrupt the Lava Jato anticorruption investigation. The allegation – and the release of tapes purporting to record Temer encouraging bribery payments – has provoked fierce public protests and calls for Temer to resign.
Counsel to Petrobras
Cleary Gottlieb Steen & Hamilton LLP
Partners Nicolas Grabar, Francesca Odell and Erika Nijenhuis and associates Manuel Silva and Fernando Martinez in New York, and international lawyer Andrea Lavourinha in São Paulo
Counsel to Petrobras Global Finance
Hogan Lovells LLP
Partners Wouter Jongen and Anton Louwinger and associates Alexander Fortuin, Yvette Voermans and Matthijis Dols in Amsterdam
Counsel to BB Securities, Banco Bradesco BBI, Citigroup Global Markets, HSBC Securities (USA), Itau BBA USA Securities and Morgan Stanley & Co
Shearman & Sterling LLP
Partner Stuart Fleischmann, associate Flavio Averbug and international associate Mariana Pacini in New York
Pinheiro Neto Advogados
Partner Ricardo Simões Russo and associates Luis Arthur Terra Alves and Cristina Liu