Cleary Gottlieb Steen & Hamilton LLP in New York and São Paulo has advised Petrobras on a global notes issuance worth US$2 billion.

The joint bookrunners relied on Shearman & Sterling LLP in New York and São Paulo, and Pinheiro Neto Advogados in São Paulo and Rio de Janeiro.

The notes were issued by Petrobras' Dutch finance subsidiary, Petrobras Global Finance, with Petrobras acting as guarantor. The notes will be listed on the New York Stock Exchange.

The offering priced on 25 January, and closed on 1 February.

The funds raised will be used to repay existing debt and for general corporate purposes.

Petrobras continues to tackle its US$88 billion debt load. It has recently made a number of moves to generate revenue, including its largest-ever upstream sale, worth US$2.9 billion, and an initial public offering worth US$1.6 billion. Just under a month ago, the petroleum company settled a US class action corruption lawsuit brought about by US investors for US$2.95 billion.

Counsel to Petrobras

Cleary Gottlieb Steen & Hamilton LLP

Partners Nicolas Grabar, Francesca Odell and Erika Nijenhuis, and associates Manuel Silva, Fernando Martinez and Morgan White-Smith in New York; and associate Andrea Lavourinha in São Paulo

Counsel to BNP Paribas Securities, Bradesco BBI, Citigroup Global Markets, Credit Agricole Securities, Itaú BBA and Mizuho Securities

Shearman & Sterling LLP

Partner Stuart Fleischmann and associates Flavio Averbug and Anusha Pamula in New York; and counsel Roberta Cherman in São Paulo

Pinheiro Neto Advogados

Partner Ricardo Russo and associate Rafael Martins in São Paulo; and counsel Marcos Proença in Rio de Janeiro