BNDES Sells Petrobras Shares for $5.2 Billion
February 10, 2020
February 10, 2020
Cleary Gottlieb represented longtime client Petróleo Brasileiro S.A. (Petrobras) in a global equity offering by Banco Nacional de Desenvolvimento Econômico e Social (BNDES) of 734.2 million common shares of Petrobras, including common shares represented by common American depositary shares (ADSs).
The offering consisted of an SEC-registered international offering of common shares and common ADSs in the United States and other countries outside Brazil, and a concurrent public offering of common shares in Brazil. The offering priced on February 5, 2020, and closed on February 10, 2020. The aggregate proceeds of the global offering to BNDES were approximately $5.2 billion.
The firm has represented Petrobras for many years in significant SEC reporting, corporate governance, financing, and litigation matters.