Stibbe Luxembourg advised Mubadala Capital, the asset management subsidiary of Abu Dhabi's Mubadala Investment Company, on its acquisition of the second largest refinery in Brazil from oil giant Petrobras. The financing was successfully issued by a Luxembourg entity and is the largest project bond offering in Brazil's history. The $1.8bn 10-year senior secured notes will be listed on the Singapore stock exchange and the proceeds of the notes will be used to fund an export prepayment facility.
Petrobras was founded in 1953 and is one of the largest producers of oil and gas in the world. Mubadala Capital manages c. $9bn of third-party capital on behalf of institutional investors in four of its businesses, including a fund in Brazil focused on special situations.
The Stibbe team was led by Johan Léonard and further involved Bernard Beerens, Michael Meylan, Audrey Jarreton, Christophe Martin-Raynaud, Anaïs Bracqbien and Sandra Kayijamahe Uwacu.