Brazil: Petrobras Completes Record Bond Sale to Fund Investment Programme
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Friday, 03 February 2012 |
Brazil's state-run oil firm, Petrobras, has successfully sold $7bn worth of bonds in the country's largest ever corporate debt offering. The debt was issued as part of efforts to fund the company's ambitious investment programme, which is aimed at more than doubling oil output by 2020 through projects worth a combined $224.7bn.
The issue included $1.25bn in three-year bonds, $1.75bn in five year bonds and notes maturing in 2021 and 2041. It follows an issue of $6bn worth of notes in January 2011, and a total of $9.6bn during the year. According to Chief Financial Officer Almir Barbassa (pictured), the company plans to sell a similar amount of bonds in 2012.
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