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Petrobras to sell up to $2 bln in debt, repurchase expensive bonds
September 18, 2017 / 12:24 PM / 2 months ago

Petrobras to sell up to $2 bln in debt, repurchase expensive bonds

SAO PAULO, Sept 18 (Reuters) - State-controlled Petróleo Brasileiro SA will issue up to $2 billion in new bonds as part of a plan to repurchase shorter-dated, expensive securities and trim the biggest debt burden among the world’s major oil companies.

Petrobras, as the company is known, will issue $1 billion each of the new secured bonds maturing in 2025 and 2028, according to a Monday securities filing. The sale of the new bonds is subject to market conditions and the repurchase offer to the older securities - which include bonds maturing between 2019 and 2021 - expires on Sept. 22, the filing said. (Reporting by Guillermo Parra-Bernal; Writing by Ana Mano; Editing by Chizu Nomiyama)

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