Holland & Knight Advises on $500 Million Financing for Acquisition of Petrobras Assets

NEW YORK (August 17, 2022) – Holland & Knight represented TMF Group New York and UMB Bank, who acted as collateral and administrative agents in a US$500 million financing for 3R Lux, a subsidiary of Brazilian oil and gas company 3R Petroleum. 3R Lux used the loan to purchase oil field assets from Petrobras. The loan agreement, which has a maturity of five years, was signed on Aug. 2, 2022.

3R Petroleum is one of the largest B3-listed independent oil and gas producers in Latin America. The financing allowed it to acquire 22 concessions of onshore and shallow water oil and gas fields in the Potiguar Basin after signing a share purchase agreement to acquire the assets in January.

The financing was led by Morgan Stanley Senior Funding and included Banco do Brasil, Citibank, Deutsche Bank, HSBC Mexico, Itaú International and Santander Brasil.

Holland & Knight Partner Peter Baumgaertner and Senior Counsel Daniel Brown represented TMF Group. Senior Counsel Michael Fruchter represented UMB Bank in the transaction.