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Investors agree to swap $6.2 billion of old Petrobras debt for new notes
September 25, 2017 / 12:26 PM / 3 months ago

Investors agree to swap $6.2 billion of old Petrobras debt for new notes

SAO PAULO (Reuters) - Holders of $6.22 billion worth of Petróleo Brasileiro SA bonds due between 2019 and 2021 have agreed to swap them for new seven- and 10-year securities, helping Brazil’s state-controlled oil producer trim a debt burden that is the largest among major oil firms.

FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker

In a Monday securities filing, Petrobras (PETR4.SA) said $2.285 billion worth of old debt will be swapped into the 5.299 percent bond due in 2025, and $3.935 billion worth of old debt into the 5.999 percent security maturing in 2028, respectively.

Results for a susbsequent repurchase of old notes will be released by Sept. 27, the filing said. The deadline for both the swap and repurchase tenders expired at 5 p.m. ET (2100 GMT) on Sept. 22, the filing said.

Reporting by Guillermo Parra-Bernal

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