The debt-ridden Brazilian major – Petrobras has an outstanding debt of USD 126 billion – will be selling global notes in an effort to buy back up to USD 3 billion in debt. Petrobras will sell five-year notes and offer a yield of some 9%. The company’s 10-year bonds are to yield 9.25%. The proceeds will be directed to USD 3 billion in notes that are due in 2018. While Torino Capital brokerage chief executive Jorge Piedrahita labelled the pricing “too good to be true,” he also noted there was a “positive momentum on the name, and the issuer seems to be willing to give a concession.”
This week, rumours also appeared regarding the alleged imminent appointment of a new chief executive. Late on Monday, local media wrote that interim president Michel Temer would put forward Pedro Parente for a position at Petrobras, possibly as chairman or potentially chief executive.
For more news and features on the oil and gas industry in Brazil, click here.
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