Equatorial Energia’s R$2.78 Billion Follow-On Offering

Cleary Gottlieb represented Citigroup, Credit Suisse, UBS, XP, and Goldman Sachs, as international placement agents, in Equatorial Energia S.A.’s (Equatorial) follow-on equity offering.

The offering raised approximately R$2.78 billion in gross proceeds and consisted of a primary offering of 118.4 million common shares. Due to the high demand, the base offer of shares was increased by 35%, or 30.7 million shares. The offering priced on February 8, 2022, at R$23.50 per share and closed on February 11, 2022. The 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.

Equatorial is one of the largest energy companies in Brazil, involved in both generation and distribution of electric energy in different regions of the country.