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News Feb 11, 2020

Petrobras’ $5.2 Billion Secondary Share Offering

Shearman & Sterling advised Credit Suisse Securities (USA) LLC and BofA Securities, Inc. as co-lead managers on behalf of themselves and Banco Bradesco BBI S.A., Banco do Brasil Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and XP Investments US, LLC in respect of a Global SEC registered and Brazilian CVM registered secondary offering of 734,202,699 common shares of Petróleo Brasileiro S.A. – Petrobras, the Brazilian state owned oil company, including common shares represented by American Depositary Shares, sold by Banco Nacional de Desenvolvimento Econômico e Social – BNDES. The transaction represented a sale of approximately 5.6% of Petrobras’ outstanding common shares and proceeds of approximately $5.2 billion, which will be used by BNDES to pay taxes, dividends and fund investments in Brazil. This transaction is, so far, the largest offering in Brazil this year and exceeds the 2019 $1.9 billion sale by Caixa Econômica Federal of Petrobras’ common shares.

The Team