Shearman & Sterling represented lead managers BB Securities, Citigroup Global Markets, Itau BBA USA Securities, JP Morgan Securities, Morgan Stanley and Santander Investment Securities, all acting as joint bookrunners, and Banco Votorantim Nassau Branch, and Mitsubishi UFJ Securities, acting as co-managers, in connection with an SEC registered issuance by Petroleo Brasileiro, or Petrobras, and its wholly owned finance company of a record U.S.$7 billion in debt securities, the largest one-time debt offering ever by a Latin American issuer and among the largest debt offerings to date in 2012.

 

The offerings consisted of four tranches, two of which were new series and two were reopenings of prior issuances of securities. All of the issuances were made by Petrobras’ finance subsidiary and fully and unconditionally guaranteed by Petrobras itself.

The following Shearman & Sterling attorneys advised the underwriters in this transaction: partners Stuart Fleischmann (New York-Capital Markets), Don Lonczak (Washington, DC-Tax), and Mathias von Bernuth (São Paulo-Capital Markets) and associates Ivana Martins (São Paulo-Capital Markets), Fernanda Iacia (São Paulo-Capital Markets), Nathan Tasso (Washington, DC-Tax) and Pedro Gonzalez (New York-Capital Markets).