Home Business Petrobras Announces the Issuance of R $3 Billion In Debentures

Petrobras Announces the Issuance of R $3 Billion In Debentures

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Petrobras published on Tuesday, Jan. 8th, the preliminary prospectus and notice to the market of the terms of the issuance of R $3 billion in debentures, announced in December. Thus, the state company meets the request of the Brazilian Securities and Exchange Commission (CVM) for resubmission, to send the notice to the market and preliminary prospectus  these documents are available as of Tuesday.

As the company has already announced, the issuance will be made in three series, and the first two will be framed as incentive debentures. In these series, the securities will be updated by the National Wide Consumer Price Index IPCA, with maturities of seven and 10 years, respectively. These resources will be used in the exploration and evaluation of various fields.

The debentures of the third series will mature in seven years and will not have special tax treatment, since the funds will be used to pay debts and increase cash. In the three series, the remunerations will be defined during the book-building process. In the case of the first two, the rate will be prefixed, while in the third the remuneration will be a percentage of the CDI.

The amount of debentures initially offered may be increased by up to 20%, to be issued under the same conditions and with the same characteristics as those initially offered. The shares may be issued by the company up to the date of conclusion of the Book-building procedure, without the need for a new application for registration of the offer to the CVM or modification of the terms of the issue.

The offer will be coordinated by Itau BBA, BB  Banco de InvestimentoBradesco BBI, Banco Citibank and Santander Brasil.