Petrobras Announces Increase of Tender Cap and Extension of Early Tender Date and Expiration Date

RIO DE JANEIRO, Jan. 24, 2017 /PRNewswire/ -- Petróleo Brasileiro S.A. – Petrobras ("Petrobras") (NYSE: PBR) announces that its wholly-owned subsidiary Petrobras Global Finance B.V. ("PGF") has increased the tender cap in its previously announced cash tender offers (the "Tender Offers") from US$4.0 billion to US$6.0 billion. 

The early tender date for the Tender Offers has been extended to 5:00 p.m., New York City time, on January 25, 2017 (the "New Early Tender Date").  The expiration date for the Tender Offers has also been extended to 11:59 p.m., New York City time, on February 8, 2017 (the "New Expiration Date").  The withdrawal date (January 23, 2017) for the Tender Offers has now passed and will not be extended.  Notes validly tendered pursuant to the Tender Offers may no longer be withdrawn, and any notes previously tendered and to be tendered prior to the New Early Tender Date or the New Expiration Date may not be withdrawn. The early settlement date on which PGF will make payment for notes accepted in the Tender Offers is expected to be January 30, 2017.

The following table summarizes the principal amount of notes tendered as of 5:00 p.m., New York City time, on January 23, 2017, the original early tender date of the Tender Offers:

Except as described in this press release, all other terms of the Tender Offers as described in the offer to purchase dated January 9, 2017 (as may be amended or supplemented from time to time, the "Offer to Purchase"), and in the related letter of transmittal dated January 9, 2017 (as may be amended or supplemented from time to time, the "Letter of Transmittal") remain unchanged.

PGF has engaged Banco Bradesco BBI S.A., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc. and Morgan Stanley & Co. LLC to act as dealer managers (the "Dealer Managers") in connection with the Tender Offers.  Global Bondholder Services Corporation is acting as the depositary and information agent for the Tender Offers.

This press release is not an offer to sell or purchase, nor a solicitation of an offer to sell or purchase, nor the solicitation of tenders with respect to, the securities described herein.  The Tender Offers are not being made to holders of notes in any jurisdiction in which PGF is aware that the making of the Tender Offers would not be in compliance with the laws of such jurisdiction.  In any jurisdiction in which the securities laws or blue sky laws require the Tender Offers to be made by a licensed broker or dealer, the respective Tender Offers will be deemed to be made on PGF's behalf by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.  Any questions or requests for assistance regarding the Tender Offers may be directed to Banco Bradesco BBI S.A. at +1 (212) 888-9145, Citigroup Global Markets Inc. at + 1 (212) 723-6106, HSBC Securities (USA) Inc. at +1 (212) 525-5552, Itau BBA USA Securities, Inc. at +1 (212) 710-6749 and Morgan Stanley & Co. LLC at +1 (212) 761-1057. Requests for additional copies of the Offer to Purchase, the Letter of Transmittal and related documents may be directed to Global Bondholder Services Corporation at +1 (866)-470-3900 (toll-free).

Neither the Offer to Purchase nor any documents related to the Tender Offers have 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 to Purchase or any documents related to the Tender Offers, and it is unlawful and may be a criminal offense to make any representation to the contrary.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are not based on historical facts and are not assurances of future results.  No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions.  All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this press release.  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.

SOURCE Petroleo Brasileiro S.A.-Petrobras