Caixa’s Sale of Petrobras Shares for $1.9 Billion

Cleary Gottlieb Steen & Hamilton, Lefosse, White & Case and Pinheiro Guimarães advised on the transaction

Petróleo Brasileiro S.A. (Petrobras) and Caixa Econômica Federal (Caixa), as selling shareholder, executed a global secondary offering of 241.34 million of Petrobras’ common shares, including common shares represented by common 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 June 25, 2019, and closed on June 28, 2019. The aggregate proceeds of the global offering to Caixa were approximately $1.9 billion.

Caixa, UBS Securities, Morgan Stanley & Co. and Bank of America Securities acted as global coordinators and joint bookrunners. XP Securities acted as joint bookrunner.

Cleary Gottlieb Steen & Hamilton advised Petróleo Brasileiro S.A. (Petrobras) and Caixa Econômica Federal with Nicolas Grabar, Francesca Odell, Jonathan Gifford, Manuel Silva, Andrea R. Lavourinha, Thomas Galvão Graham, Stephanie Charles, David A. Maranjian and Hannah Littman.

Lefosse advised Petróleo Brasileiro S.A. (Petrobras) and Caixa Econômica Federal with Rodrigo Junqueira, Luiz Octavio Lopes, Felipe Gibson, Jana Araújo, Douglas Ogata, Maria Julia Peson Argollo and Leonardo Gaspar.

White & Case advised Caixa Econômica Federal, UBS Securities LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc. with Donald Baker, John Guzman, John Vetterli, Ray Simon, Karen Katri, Cameron Royse and Kyle Ezzedine.

Pinheiro Guimarães advised Caixa Econômica Federal, UBS Securities LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc. with Francisco José Pinheiro Guimarães, Cristina Tomiyama, Carlos Henrique de Araújo, Fernando John Friedmann, Luiza Lopes Leite Furtado, Arnold Vieira Kim, Thaissa Uyeda and Rodolfo Rodrigues.

Involved fees earner: Stephanie Charles – Cleary Gottlieb Steen & Hamilton; Thomas Galvão Graham – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; Hannah Littman – Cleary Gottlieb Steen & Hamilton; David Maranjian – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Jana Araujo – Lefosse; María Julia Argollo – Lefosse; Rodrigo Junqueira – Lefosse; Leonardo Gaspar – Lefosse; Felipe Gibson – Lefosse; Luiz Octavio Lopes – Lefosse; Douglas Ogata – Lefosse; Carlos Henrique de Araújo – Pinheiro Guimarães; Fernando John Friedmann Junior – Pinheiro Guimarães; Luiza Lopes Leite Furtado – Pinheiro Guimarães; Francisco José Pinheiro Guimarães – Pinheiro Guimarães; Cristina Tomiyama – Pinheiro Guimarães; Arnold Vieira Kim – Pinheiro Guimarães; Donald Baker – White & Case; Kyle Ezzedine – White & Case; John Guzman – White & Case; Karen Katri – White & Case; Cameron Royse – White & Case; Ray Simon – White & Case; John Vetterli – White & Case;

Law Firms: Cleary Gottlieb Steen & Hamilton; Lefosse; Pinheiro Guimarães; White & Case;

Clients: Bank of America Securities; Caixa Econômica Federal (CEF); Morgan Stanley; Petrobras; UBS Securities LLC;

Author: Ambrogio Visconti