3R Petroleum’s R$2.4 Billion Shares Offering

Simpson Thacher represented the placement agents in the offering.

3R Petroleum Óleo e Gás S.A. (“3R”) executed the primary and secondary offering of 73,000,000 common shares on the São Paulo Stock Exchange (“B3”), raising R$2.4 billion in gross proceeds.

The common shares were offered to certain institutional investors in Brazil, to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in reliance on Regulation S. 3R’s common shares are traded on the B3 under the ticker symbol “RRRP3.” In April 2021, the Firm also assisted the placement agents, in connection with 3R’s R$822.8 million Brazilian stock exchange (B3) follow-on offering, under Rule 144A and Regulation S.

Itau BBA USA Securities, Inc., BTG Pactual US Capital, LLC, Safra Securities LLC, XP Investments US, LLC, Brasil Plural Securities LLC and UBS Securities LLC acted as placement agents for the offering.

3R is a Brazilian oil and gas company focused on the redevelopment of mature producing oil and gas fields.

The Simpson Thacher team was led by Partner Grenfel S. Calheiros (Picture) and Counsel Paulo F. Cardoso and included Siddharth Fresa and Julia Pinheiro (Capital Markets); and Jonathan Cantor (Tax).

Involved fees earner: Grenfel Calheiros – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Paulo de Menezes Cardoso – Simpson Thacher & Bartlett; Siddharth Fresa – Simpson Thacher & Bartlett; Julia Pinheiro – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Brasil Plural Securities; BTG Pactual US Capital, LLC; Itaú BBA USA Securities; Safra Securities; UBS Securities LLC; XP Investments;