Petrobras to redeem $1.08 billion in bonds early
Brazilian state-owned oil company Petrobras will redeem global bonds with a 5.999% coupon and a 2028 maturity early, with a principal amount of $1.080945 billion. A notice to bondholders was sent by subsidiary Petrobras Global Finance, The Rio Times reports.
Redemption in September
The early redemption price is to be determined on September 22, 2026, with settlement scheduled for September 25, 2026. The principal amount does not include accrued and unpaid interest.
Petrobras described the transaction as part of its liability management. The early redemption allows the company to remove fixed-rate debt of nearly 6% from its balance sheet two years before maturity. According to the publication, this is at least Petrobras's third early redemption of global bonds in less than a year. In December, the company repurchased bonds carrying an 8.750% rate that were due to mature in 2026, and in May it announced another bond buyback.
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Platforms for the Búzios field
That same week, Singapore's Seatrium held a naming ceremony for two floating production, storage and offloading units, P-80 and P-82. The vessels will head to the Búzios field in the pre-salt zone of the Santos Basin near Rio de Janeiro, where they will become the ninth and tenth production platforms.
Each unit is designed to produce 225,000 barrels of oil and process 12 million cubic meters of gas per day. Production at P-80 and P-82 is scheduled to begin in 2027. The vessels are equipped with carbon capture and reinjection systems, as well as other emissions-reduction technologies.
Credit line for Braskem
Petrobras has also increased its trade credit line for petrochemical company Braskem from 350 million to 2.35 billion Brazilian reais. The funds are intended for Braskem to purchase feedstock supplied by Petrobras. The credit line will remain in effect until December 2026, while Braskem undergoes an out-of-court restructuring of debt totaling about $11 billion.
