3R Petroleum’s R$822.8 Million Follow-On Offering

Simpson Thacher represented the placement agents in the offering.

3R Petroleum Óleo e Gás S.A. (“3R”) executed its primary offering of 22,855,500 common shares on the São Paulo Stock Exchange (“B3”), raising R$822.8 million 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 November 2020, the Firm also assisted the placement agents, in connection with 3R’s R$600 million Brazilian stock exchange (B3) IPO offering, under Rule 144A and Regulation S.

BTG Pactual US Capital LLC, XP Investments US, LLC, Itau BBA USA Securities, Inc., Credit Suisse Securities (USA) LLC and Brasil Plural Securities LLC acted as placement agents for this offering.

3R is a Brazilian oil and gas company specialized in the redevelopment of mature onshore and shallow-water oil and gas fields.

The Simpson Thacher team advising the placement agents included Grenfel S. Calheiros (Picture), Paulo F. Cardoso and Siddharth Fresa (Capital Markets); and Jonathan Cantor and Suzy Yaster (Tax). 

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

Law Firms: Simpson Thacher & Bartlett;

Clients: Brasil Plural Securities; BTG Pactual US Capital, LLC; Credit Suisse Securities (USA) LLC; Itaú BBA USA Securities; XP Investments;

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