Petrobras – Investor Relations


Investor Relations

Bond Exchange Offer Results

(Rio de Janeiro, February 7, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces the results of the Exchange Offer launched by its wholly-owned subsidiary Petrobras International Finance Company (PIFCo) on January 4, 2007 and expired on February 2, 2007. The company received and accepted tenders totaling US$399,053,000 (face value) for the five series of bonds offered for exchange. The following table summarizes the results of the transaction.

On the Settlement Date, PIFCo will issue new bonds that mature in 2016 and have a 6.125% annual coupon, with an aggregate principal amount of US$399,053,000, which will constitute a single, fungible series with the US$500,000,000 issuance on October 06 2006. In total, there will be $899,053,000 in outstanding bonds due in 2016, increasing this bond’s liquidity, which is an important fundraising cost reference point for the company, as it reflects the company’s current financing conditions.

The table below shows the final parameters for the new issue’s pricing.

PIFCo has retained Morgan Stanley & Co., Incorporated and UBS Securities LLC to act as dealer managers for the offers, The Bank of New York to act as exchange agent for the offers, The Bank of New York (Luxembourg) S.A. to serve as Luxembourg agent for the offers and D.F. King & Co., Inc. to act as information agent for the offers.

This announcement does not constitute an offer to purchase or a solicitation of an offer to sell securities. The offers are being made solely by the Prospectus and related letter of transmittal. The offers shall not be made in any such jurisdiction in which they are not permitted to be made under applicable law.

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