PetroRio suspends billion-dollar issuance abroad

Oil and gas company PetroRio, whose shares quadrupled during the pandemic and entered the Ibovespa, decided to stop the process of issuing private debt securities abroad. With the bonds, it was raising about US$ 450 million, equivalent to R$ 2.3 billion. The operation would be operationalized by its subsidiary in Luxembourg and would expire in 2025.
The oil company justified the suspension with the uncertainty surrounding the oil market at the moment, which disfavor the supply. The company said it can re-access the market when conditions are favorable.

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