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Rio de Janeiro - Brazilian energy giant Petrobras says it will sell $5bn in bonds to help finance development of offshore oil fields over the coming five years.
The bond sale constitutes four tranches on the New York Stock Exchange -- three of them euro-denominated in four, seven and 11-year notes -- with the other a 20-year sterling note.
The euro issues total €3bn with the sterling issue worth £600m.
The bonds, issued via the firm's Petrobras Global Finance subsidy, bear yields of 2.829% for 2018 expiry, 3.849% (2021), 4.845% (2025) and 6.732% (2034).
"The money will be used to finance investments as per the company's 2013-2017 investment plan" said the state-owned firm, Latin America's biggest oil producer in terms of market value.
Operations
The move reinforces a shift in strategic focus as the company concentrates its efforts on tapping huge and lucrative "pre-salt" deepwater deposits off Brazil's Atlantic coast.
Petrobras' investment plan of $236.7bn is one of the world's biggest corporate spending programmes and three fifths of the cash has been earmarked for pre-salt operations.
These deposits, buried beneath several kilometres of ocean, bedrock and hot salt beds, may hold up to 100 billion barrels of high quality recoverable crude, providing Petrobras and Brasilia with a huge bonanza.
Petrobras in October headed a five-strong consortium which won 35-year production rights at the massive Libra oilfield.
Joining in the enterprise were China's CNOOC and CNPC, Anglo-Dutch giant Royal Dutch Shell and France's Total.
The bond sale constitutes four tranches on the New York Stock Exchange -- three of them euro-denominated in four, seven and 11-year notes -- with the other a 20-year sterling note.
The euro issues total €3bn with the sterling issue worth £600m.
The bonds, issued via the firm's Petrobras Global Finance subsidy, bear yields of 2.829% for 2018 expiry, 3.849% (2021), 4.845% (2025) and 6.732% (2034).
"The money will be used to finance investments as per the company's 2013-2017 investment plan" said the state-owned firm, Latin America's biggest oil producer in terms of market value.
Operations
The move reinforces a shift in strategic focus as the company concentrates its efforts on tapping huge and lucrative "pre-salt" deepwater deposits off Brazil's Atlantic coast.
Petrobras' investment plan of $236.7bn is one of the world's biggest corporate spending programmes and three fifths of the cash has been earmarked for pre-salt operations.
These deposits, buried beneath several kilometres of ocean, bedrock and hot salt beds, may hold up to 100 billion barrels of high quality recoverable crude, providing Petrobras and Brasilia with a huge bonanza.
Petrobras in October headed a five-strong consortium which won 35-year production rights at the massive Libra oilfield.
Joining in the enterprise were China's CNOOC and CNPC, Anglo-Dutch giant Royal Dutch Shell and France's Total.
