Profiting from a relationship with behemoth Petroleos de Brasil, Brazil’s Odebrecht Oleo e Gas is tapping the structured finance for a whopping $1.5 billion. Santander and HSBC are reportedly arranging the deal. Neither bank returned requests for comment.

The notes are backed by two intercompany loans made to Odebrecht Drilling Norbe VIII and Odebrecht Drilling Norbe IX, Dealware SPVs that each own an ultra deepwater drillship, according to a report from Fitch Ratings.

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