January 9, 2017 / 1:19 PM / 7 months ago

Petrobras to buy back up to $2 billion of debt in cash, offer new bonds

A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia, Brazil September 30, 2015.Ueslei Marcelino/File Photo

SAO PAULO (Reuters) - Petróleo Brasileiro SA has launched a program to buy back up to $2 billion of existing bonds in cash and the offering of new debt, as the world's most indebted oil company seeks to refinance debt maturing before the end of the decade.

In a statement, Petrobras said seven different series of fixed- and floating-rate notes offered by the Petrobras Global Finance BV subsidiary will be targets of the repurchase program. The bonds, which include notes maturing in Jan. 2019, March 2019, April 2019, Jan 2020 and March 2020, have almost $10 billion outstanding worth of securities.

Reporting by Guillermo Parra-Bernal

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