Banco do Brasil’s R$5.8 Billion Offering

October 17, 2019

Cleary Gottlieb represented the syndicate of underwriters and international placement agents in a secondary offering of 132.51 million Banco do Brasil’s common shares held by FI-FGTS and by Banco do Brasil, in treasury.

The aggregate proceeds of the offering exceeded R$5.8 billion (approximately $1.4 billion).

The common shares offered were priced at R$44.05 per share on October 17, 2019, and the offering is expected to close on October 22, 2019. The offering was registered before the Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM). The common shares were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

Banco do Brasil is a multiple-service communal bank controlled by the Brazilian government, being one of the largest banks in Brazil in terms of assets and more than 210 years of operations.