Brazilian state owned oil & gas explorer Petrobras is planning to issue new bonds to buy back $3.5bn of its existing debt.
The company plans on buying back $576m of its outstanding bonds paying 8.375% due 2018 at a small premium.
Further, the company plans on issuing a waterfall tender to purchase up to $3bn of existing debt due next year.
The purchase offer expires on 14 June 2016.
Petrobras has about $13.2bn of debt maturing this year and c.$28.5bn due in the next two years.
Yum! Brands, Inc. the parent company of popular brands such as KFC, Pizza Hut and Taco Bell, on Thursday, announced that it planned on issuing the following fixed rate debt:
- $800m senior secured notes, paying 3.382%;
- $500m senior secured notes paying 4.377%;
- $1bn senior secured notes paying 4.97%
Interest would be paid on a quarterly basis on the notes.
Althought the legal final maturity date of the notes is May 2046, the anticipated repayment dates of the $800m notes, the $500m and the $1bn notes would be 4, 7 and 10 years, respectively.
Further, the company also intends to issue a $100m Series 2016-1 Class A-1 Note, to facilitate borrowing from time to time on a revolving basis.
The debt would be issued by the company through a privately placed securitized transaction.
Proceeds from the issuance would be utilised towards repayment of its entire outstanding balance of $2.0bn on its unsecured term loan facility.
The closing of the sale of debt is expected on 11 May 2016.
Baker Hughes Inc. sought to reassure investors on Monday by announcing a $2.5bn plan to buy back stock and pay down debt, using the breakup fee it will receive following the collapse of its long-stalled takeover by oilfield services provider Halliburton Inc.
Baker Hughes stated that proceeds from a $3.5bn breakup fee from Halliburton would fund its $1.5bn share buyback and repayment of $1bn of debt.
Baker Hughes also stated its plans to refinance it’s $2.5bn credit facility maturing in September 2016.
Separately, the company also announced a further 2,000 job cuts as part of its attempts to cut costs by $500m this year.