Petrobras announces final results and settlement of cash Tender Offers 

Petróleo Brasileiro S.A. – Petrobras, in addition to the announcement made on April 12, 2022, announces that it has today completed the global bond repurchase offer made by its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF).

The following tables set forth the aggregate principal amount of Notes validly tendered and accepted for purchase in the Offers: 

Tender Group 1
Title of SecurityCUSIP/ISINPrincipal Amount Tendered and Accepted
6.250% Global Notes Due March 202471647NAM1 / US71647NAM11US$58,159,000
4.750% Global Notes Due January 2025– / XS0982711714€135,488,000
5.299% Global Notes Due January 202571647NAT6, 71647NAV1, N6945AAJ6 / US71647NAT63, US71647NAV10, USN6945AAJ62US$77,659,000
8.750% Global Notes Due May 202671647NAQ2 / US71647NAQ25US$101,804,000
6.250% Global Notes Due December 2026– / XS0718502007£16,429,000
7.375% Global Notes Due January 202771647NAS8 / US71647NAS80US$224,173,000
5.999% Global Notes Due January 202871647NAW9, N6945AAK3, 71647NAY5 / US71647NAW92, USN6945AAK36, US71647NAY58US$201,932,000
5.750% Global Notes Due February 202971647NAZ2 / US71647NAZ24US$35,314,000
5.375% Global Notes Due October 2029– / XS0835891838£10,633,000
5.093% Global Notes Due January 203071647NBE8, 71647NBF5, N6945AAL1 / US71647NBE85, US71647NBF50, USN6945AAL19US$672,459,000

Tender Group 2
Title of SecurityCUSIP/ISINPrincipal Amount Tendered and Accepted
5.500% Global Notes Due June 205171647NBJ7 / US71647NBJ72US$53,549,000
5.625% Global Notes Due May 204371647NAA7 / US71647NAA72US$8,414,000
6.750% Global Notes Due June 205071647NBG3 / US71647NBG34US$47,682,000
6.900% Global Notes Due March 204971647NBD0 / US71647NBD03US$36,521,000
5.600% Global Notes Due January 203171647NBH1 / US71647NBH17US$176,533,000
6.625% Global Notes Due January 2034– / XS0982711474£4,987,000
6.750% Global Notes Due January 204171645WAS0 / US71645WAS08US$49,694,000
6.875% Global Notes Due January 204071645WAQ4 / US71645WAQ42US$8,821,000
7.250% Global Notes Due March 204471647NAK5 / US71647NAK54US$10,182,000

The Offers expired at 5:00 p.m., New York City time, on April 11, 2022 and settled today.

The Offers were made pursuant to the terms and conditions set forth in the offer to purchase dated April 5, 2022, and the accompanying notice of guaranteed delivery (together, the “Offer Documents”).

The aggregate amount paid by PGF to holders whose Notes were accepted for purchase, excluding accrued and unpaid interest, was approximately US$2.0 billion, as converted on the basis set forth in the Offer Documents. 

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PGF engaged BNP Paribas Securities Corp. (“BNP PARIBAS”), Citigroup Global Markets Inc. (“Citigroup”), HSBC Securities (USA) Inc. (“HSBC”), Mizuho Securities USA LLC (“Mizuho Securities”), Morgan Stanley & Co. LLC (“Morgan Stanley”), and Scotia Capital (USA) Inc. (“Scotiabank” and together with BNP, Citi, HSBC, Mizuho and Morgan Stanley, the “Dealer Managers”) to act as dealer managers with respect to the Offers.  Global Bondholder Services Corporation acted as the depositary and information agent (the “Depositary”) for the Offers.

This announcement is for informational purposes only, and does not constitute an offer to purchase or a solicitation of an offer to sell any securities.

Any questions or requests for assistance regarding the Offers may be directed to BNP PARIBAS confirmation No. at +1 (212) 841-3059 or toll-free at +1 (888) 210-4358, Citigroup collect at +1 (212) 723-6106 or toll free at +1 (800) 558-3745, HSBC collect at +1 (212) 525-5552 or toll free at +1 (888) HSBC-4LM, Mizuho Securities collect at +1 (212) 205-7736 or toll free at +1 (866) 271-7403, Morgan Stanley collect at +1 (212) 761-1057 or toll free at +1 (800) 624-1808 and Scotiabank collect at +1 (212) 225-5501 or toll free at +1 (833) 498-1660.  Requests for additional copies of the Offer Documents may be directed to Global Bondholder Services Corporation at +1 (855) 654-2015 (toll-free) or +1 (212) 430-3774 (banks and brokers call).  The Offer Documents can be accessed at the following link: https://www.gbsc-usa.com/Petrobras/.

The Offers were made solely pursuant to the Offer Documents.  The Offer Documents have not been filed with, and have not been approved or reviewed by any federal or state securities commission or regulatory authority of any country.  No authority has passed upon the accuracy or adequacy of the Offer Documents or any other documents related to the Offers, and it is unlawful and may be a criminal offense to make any representation to the contrary.

Notice to Prospective Investors in the United Kingdom

The communication of this announcement and any other documents or materials relating to the Offers is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000.  This announcement and any such related documents and/or materials are for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Order, (iii) are outside the United Kingdom, (iv) are members or creditors of certain bodies corporate as defined by or within Article 43(2) of the Order, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the offer to purchase any securities may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”).  This announcement and any such related documents and/or materials are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.  Any investment or investment activity to which this press release and any such related documents and/or materials are available only to and will be engaged in only with relevant persons.

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