PR Newswire | Sep 21, 2020 08:52PM EDT

09/21 19:51 CDT

Petrobras Announces Final Results Of Its Cash Tender Offers RIO DE JANEIRO, Sept. 21, 2020

RIO DE JANEIRO, Sept. 21, 2020 /PRNewswire/ -- Petrleo Brasileiro S.A. - Petrobras ("Petrobras") (NYSE: PBR) today announced the final results of the previously announced offers to purchase for cash by its wholly-owned subsidiary Petrobras Global Finance B.V. ("PGF"), of any and all of its outstanding notes of the series set forth in the table below (the "Notes" and such offers, the "Offers").

The Offers were made pursuant to the terms and conditions set forth in the offer to purchase dated September 10, 2020 (the "Offer to Purchase" and, together with the accompanying notice of guaranteed delivery, the "Offer Documents").

The Offers expired at 5:00 p.m., New York City time, on September 16, 2020 (the "Expiration Date") and, except as described below, settled on September 21, 2020 (the "Settlement Date").

The table below sets forth the aggregate principal amount of Notes validly tendered in the Offers or validly delivered through guaranteed delivery procedures, the aggregate principal amount of Notes that PGF accepted for purchase, and the consideration payable for such Notes.

Principal AmountTitle of Security CUSIP/ISIN Acceptance Principal Amount Consideration^(2) Tendered by the Principal Amount Priority Level Outstanding^(1) Expiration Date or the Accepted Guaranteed Delivery Date

6.125% Global 71647N AR0 /Notes 1 US$618,790,000 US$1,071.50 US$396,183,000 US$396,183,000 US71647NAR08Due January 2022

5.875% GlobalNotes - / 2 (eu)348,642,000 (eu)1,090.00 (eu)194,470,000 (eu)194,470,000^(3) XS0716979595Due March 2022

4.375% Global 71647N AF6 /Notes 3 US$1,405,620,000 US$1,068.50 US$317,112,000 US$317,112,000 US71647NAF69Due May 2023

4.250% GlobalNotes - / 4 (eu)371,256,000 (eu)1,094.00 (eu)37,673,000 (eu)37,673,000^(3) XS0835890350Due October 2023

6.250% Global 71647NAM1 /Notes 5 US$1,585,773,000 US$1,133.50 US$615,070,000 US$615,070,000 US71647NAM11Due March 2024

4.750% GlobalNotes - / 6 (eu)639,649,000 (eu)1,126.25 (eu)98,678,000 (eu)98,678,000^(3) XS0982711714Due January 2025

71647N AT6, 71647N AV1,5.299% GlobalNotes N6945A AJ6 / 7 US$2,117,334,000 US$1,115.00 US$889,687,000 US$889,687,000 US71647NAT63,Due January 2025 US71647NAV10, USN6945AAJ62

8.750% Global 71647N AQ2 /Notes 8 US$2,042,471,000 US$1,290.50 US$523,535,000 US$523,535,000 US71647NAQ25Due May 2026

6.250% GlobalNotes - / 9 lb615,182,000 lb1,125.50 lb32,643,000 lb32,643,000 XS0718502007Due December 2026

7.375% Global 71647N AS8 /Notes 10 US$2,267,504,000 US$1,216.00 US$378,640,000 - US71647NAS80Due January 2027

71647NAW9, N6945AAK3,5.999% GlobalNotes 71647NAY5 / 11 US$2,767,898,000 US$1,140.00 US$418,189,000 - US71647NAW92,Due January 2028 USN6945AAK36, US71647NAY58

5.750% Global 71647N AZ2 /Notes 12 US$1,588,527,000 US$1,137.50 US$259,065,000 US$259,065,000 US71647NAZ24Due February 2029

5.375% GlobalNotes - / 13 lb390,878,000 lb1,073.00 lb34,280,000 lb34,280,000 XS0835891838Due October 2029

6.625% GlobalNotes - / 14 lb460,316,000 lb1,105.00 lb18,570,000 lb18,570,000 XS0982711474Due January 2034

6.875% Global 71645WAQ4 /Notes 15 US$1,093,129,000 US$1,156.25 US$91,804,000 - US71645WAQ42Due January 2040

6.750% Global 71645W AS0 /Notes 16 US$1,058,788,000 US$1,145.00 US$149,990,000 - US71645WAS08Due January 2041

5.625% Global 71647N AA7 /Notes 17 US$618,064,000 US$1,062.50 US$74,244,000 - US71647NAA72Due May 2043

7.250% Global 71647N AK5 /Notes 18 US$1,647,605,000 US$1,201.75 US$51,597,000 - US71647NAK54Due March 2044

6.900% Global 71647N BD0 /Notes 19 US$2,250,000,000 US$1,167.00 US$159,461,000 - US71647NBD03Due March 2049

(1) Including Notes held by Petrobras or its affiliates.

Per US$1,000, (eu)1,000 or lb1,000, as applicable, principal amount of(2) Notes. Holders whose Notes were accepted for purchase were paid accrued and unpaid interest on such Notes from, and including, the last interest payment date for the Notes to, but not including, the Settlement Date.

(eu)94,829,000 principal amount of 5.875% Global Notes due March 2022, (eu)17,609,000 principal amount of 4.250% Global Notes due October 2023 and (eu)66,324,000 principal amount of 4.750% Global Notes due January(3) 2025 tendered through Euroclear, did not settle on the Settlement Date. The settlement of these notes is expected to occur on September 22, 2020, and the total consideration will include accrued and unpaid interest from, and including, the last interest payment date for such notes to, but not including, such date.

The aggregate amount paid and to be paid by PGF to holders whose Notes were accepted for purchase, excluding accrued and unpaid interest, is US$3,976 million.

PGF engaged BB Securities Limited, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and MUFG Securities Americas Inc. to act as dealer managers with respect to the Offers (the "Dealer Managers"). Global Bondholder Services Corporation acted as the depositary and information agent (the "Depositary") for the Offers.

Any questions or requests for assistance regarding the Offers may be directed to BB Securities Limited at +44 (207) 367-5800, Citigroup Global Markets Inc. at +1 (212) 723-6106, Credit Suisse Securities (USA) LLC at +1 (800) 820-1653, Goldman Sachs & Co. LLC at +1 (212) 902-6351 or +1 (800) 828-3182 (toll-free), Mizuho Securities USA LLC at +1 (212) 205-7736 or +1 (866) 271-7403 (toll free) and MUFG Securities Americas Inc.at +1 (212) 405-7481 or +1 (877) 744-4532 (toll free). Requests for additional copies of the Offer Documents may be directed to Global Bondholder Services Corporation at +1 (866) 470-3800 (toll-free) or +1 (212) 430-3774. The Offer Documents can be accessed at the following link: http://www.gbsc-usa.com/Petrobras/.

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any securities. The Offers were made solely pursuant to the Offer Documents.

Documents related to the Offers have not been filed with, and have not been approved or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer Documents or any other documents related to the Offers, and it is unlawful and may be a criminal offense to make any representation to the contrary.

The communication of this press release and any other documents or materials relating to the Offers is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000. This press release and any other documents related to the Offers are for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Order, (iii) are outside the United Kingdom, (iv) are members or creditors of certain bodies corporate as defined by or within Article 43(2) of the Order, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This press release and any other documents related to the Offers are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this process release and any other documents related to the Offer are available only to relevant persons and will be engaged in only with relevant persons.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. Petrobras undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

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SOURCE Petrleo Brasileiro S.A. - Petrobras