Brazil's state-controlled oil company Petrobras on Tuesday closed a $4 billion issuance of 5 and 10-year notes in international markets as part of the debt-laden company's efforts to term out upcoming maturities, it said in a statement.
The order book was five and four times oversubscribed in the 5 year and 10-year tranche, respectively, with 592 investors from the United States, Europe, Asia and Latin America participating, it said.
The notes were issued by Petrobras' wholly owned subsidiary Petrobras Global Finance, which intends to use the net proceeds to repurchase notes sold in previously announced tender offers, with the remainder going to refinance upcoming maturities.
The bonds were priced on January 9 at 6.5 percent on the five-year and 7.375 percent on the 10. Petrobras has been struggling to regain its footing following a corruption scandal that has had a broad impact on Brazil's political and business classes.