Milbank LLP advised 3R Petroleum Óleo e Gás S.A. (“3R Petroleum”), a Brazilian oil & gas exploration and production company, and its subsidiary 3R Lux in connection with the inaugural offering of US$500 million 9.750% senior secured notes due 2031, based on Rule 144A/Regulation S. The notes were issued by 3R Lux and are unconditionally and irrevocably guaranteed by 3R Petroleum and its subsidiary guarantors, 3R Potiguar S.A., 3R RNCE S.A. and 3R Bahia S.A. This was the first inaugural high yield bond offering by a Brazilian company since 2022.
The Milbank team advising 3R Petroleum was led by partners Fabiana Sakai and Tobias Stirnberg (Corporate Finance and Securities, São Paulo) and included partners Andrew Walker (Tax, New York), Joel Krasnow (Executive Compensation and Employee Benefits, New York) and Catherine Leef Martin (Alternative Investments, New York), as well as special counsel Megha Kalbag (Alternative Investments, New York), associates Amanda Borges (Corporate Finance and Securities, New York) and Michelle Song (Tax, New York), and international attorney Felipe Maia (Corporate Finance and Securities, New York).
