January 8, 2019 / 10:32 AM / 10 days ago

Brazil's Petrobras selling 3 billion reais in local debt

FILE PHOTO: The logo of Brazil's state-run oil company Petrobras is pictured next to a national flag at a gas station in Natal, Brazil November 19, 2018. REUTERS/Paulo Whitaker/File Photo

SAO PAULO (Reuters) - Petroleo Brasileiro SA (PETR4.SA) is selling up to three series of local unsecured bonds to raise 3 billion reais (£630 million), the Brazilian state-run oil firm said in a securities filing on Tuesday.

The debt will mature in 7 to 10 years, depending on the series, according to a preliminary prospectus related to the offering. Proceeds will be used to explore oilfields in the so-called “transfer-of-rights area”.

Reporting by Ana Mano; editing by Jason Neely

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