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News Mar 20, 2014

Shearman & Sterling Advises on Petrobras Global Finance B.V.’s $8.5 Billion Offering of Investment Grade Global Notes

Shearman & Sterling represented lead managers Bank of China (Hong Kong) Limited, Banco Bradesco BBI S.A., BB Securities Ltd., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, all acting as joint bookrunners, and Banca IMI S.p.A. and Scotia Capital (USA) Inc., acting as co-managers, in connection with a shelf takedown consisting of $1,600,000,000 3.250% Global Notes Due 2017, $1,500,000,000 4.875% Global Notes Due 2020, $2,500,000,000 6.250% Global Notes Due 2024, $1,000,000,000 7.250% Global Notes Due 2044, $1,400,000,000 Floating Rate Global Notes Due 2017 and $500,000,000 Floating Rate Global Notes Due 2020 by Petrobras Global Finance B.V. The Global Notes will be unconditionally guaranteed by Petróleo Brasileiro S.A.—PETROBRAS. 

The offering is one of the largest dollar bond sales this year to date, and one of a number of financings completed by Shearman & Sterling as Petrobras’ longstanding underwriters counsel.

The following Shearman & Sterling team advised the underwriters in this transaction:  partners Stuart Fleischmann (New York-Capital Markets), Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory), and Michael Shulman (Washington, DC-Tax); counsel Carla Passos (São Paulo/New York-Capital Markets); associates Shihani Soysa (New York-Capital Markets), Flavio Averbug (New York-Capital Markets), Jeffrey Tate (Washington, DC-Tax), Judy Fisher (Washington, DC-Tax), and Leo Wong (New York-Corporate); and visiting attorney Isabel Wolleter (New York-Capital Markets).