Investor funds will be used to strengthen the oil company’s cash
Petrobras informed this Friday (18.Aug.2022) that the Executive Board of the state-owned company approved on Thursday (18.Aug) the issuance of commercial notes in the amount of up to R$3 billion. The funds obtained will be destined to the monetary reinforcement of the company.
According to a statement from the board, the action concerns the 1st issuance of book-entry commercial notes. Here’s the intact of the document (663 KB).
Business letters work as a kind of “sale” of debts. An investor buys the debt of the note issuer and receives his monetary reward in the form of interest.
Up to 3 million written commercial notes will be issued by the oil company, each worth R$1,000, and will begin on August 25, 2022. The end is scheduled for February 30, 2022. 2030
The 1st issuance notes will have a surcharge defined based on a study of investor demands, a procedure known as bookbuilding. In any case, they will be limited to 1.65% per annum.
There may be partial distribution of the notes, provided that a minimum amount of R$ 2 billion is raised. If the total of R$ 3 billion is not reached, the remaining notes will be discarded.
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