Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR) Reports Early Closure Of $2.14 Billion Debt Due In 2019


Brazil’s state-run oil firm Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR) reported that it would pre-pay sum of $2.14 billion in bonds maturing next year with funds raised via a debt issued on February, 1, 2018. In a securities filing, the firm reported that the payment would be done on February 26 2018. (Reporting by Alexandra Alper)

The buzz

In unrelated news, Petrobras reported that McLaren have approved of a long-term partnership with company. The company sponsored the Williams team, exiting at the close of 2016. As per the update, McLaren provided the late Ayrton Senna with his world championships in 1991, 1990 and 1988. Emerson Fittipaldi, the Brazilian double world champion, also earned the 1974 championship with McLaren, who used lubricants and fuels provided by BP and its Castrol brand in 2017.

McLaren is beginning a new association with Renault this year after three tough years with Honda, with whom the team had been popular during the Senna period. The team line-up presently has Spaniard Fernando Alonso, who is a double world champion, along with Belgian Stoffel Vandoorne. There exist no Brazilian drivers presently in Formula One after the departure of Felipe Massa at the close of 2017.

McLaren is the second-strongest team in Formula One history, however still have to won the constructors’ title after 1998. Last time, they won a race was in 2012. This year season commences in Australia next month.

In the last trading session, the stock price of Petroleo Brasileiro gained more than 3% to close the day at $14.39. The gains came at a share volume of 24.39 million compared to average share volume of 23.94 million. Post the recent gains, the market cap of firm was noted at $91.48 billion. The 52-week high of the stock is $14.42 and the stock is trading much closer to it.


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