Petrobras’ $1.9 Billion Secondary Share Offering

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

State-owned bank Caixa Econômica Federal has agreed to sell its 2.3% stake in the Brazilian state-controlled oil company Petroleo Brasileirios S.A. – Petrobras in a secondary offering priced at R$30.25 per share.

Caixa will raise R$7.3 billion in the largest Brazilian equity offering of the year to date. The offering is also being considered by the market as the largest equity offering in the oil and gas industry since 2010.

Caixa Ecônomica Federal, UBS Securities LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc. are acting as global coordinators and joint bookrunners for the international offering. XP Securities, LLC is acting as joint bookrunner for the international offering. Caixa Ecônomica Federal, UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Banco Morgan Stanley S.A., Bank of America Merrill Lynch Banco Múltiplo S.A. and XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. are acting as Brazilian underwriters in the Brazilian offering.

In Brazil, Lefosse Advogados advised Petrobras and Caixa with a team led by partners Luiz Octávio Lopes, Rodrigo Junqueira and Felipe Gibson and Jana Araújo.

In US, Cleary Gottlieb Steen & Hamilton advised Petrobras and Caixa with a team led by partners Francesca Odell and Nick Grabar.

Pinheiro Guimarães advised the underwriters in Brazil with a team led by partner Cristina Tomiyama (Picture), Fernando Friedmann, Luiza Furtado, Arnold Kim and Paula Rodrigues.

In US, White & Case advised the underwriters with Donald Baker and John P. Guzman.

Involved fees earner: Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Jana Araujo – Lefosse; Rodrigo Junqueira – Lefosse; Felipe Gibson – Lefosse; Luiz Octavio Lopes – Lefosse; Fernando John Friedmann Junior – Pinheiro Guimarães; Luiza Furtado – Pinheiro Guimarães; Arnold Kim – Pinheiro Guimarães; Cristina Tomiyama – Pinheiro Guimarães; Donald Baker – White & Case; John Guzman – 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; XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.; XP Securities;

Author: Ambrogio Visconti.