White & Case advises on Brazil’s biggest equity offering since 2013
Global law firm White & Case has advised a group of banks on Caixa Econômica Federal’s secondary global offering of its 3.24 per cent stake in state energy company Petróleo Brasileiro (Petrobras), the biggest equity offering in Brazil since 2013.
The law firm’s clients, Caixa Econômica Federal, UBS Securities, Morgan Stanley and BofA Securities acted as global coordinators and joint bookrunners, while XP Securities acted as joint bookrunner. The offering raised approximately $1.9 billion in net proceeds for the selling shareholder. Caixa Econômica Federal is a financial institution owned by the Brazilian federal government.
The global offering consisted of an SEC-registered international offering of Petrobras common shares, offered directly or represented by American Depositary Shares, each of which represents two common shares, in the US and elsewhere outside of Brazil, and a concurrent public offering of Petrobras common shares in Brazil.
The White & Case team was led by partners Don Baker (pictured), John Guzman in São Paulo and John Vetterli in New York, and included partner Ray Simon (New York), counsel Karen Katri (Miami) and associates Cameron Royse (São Paulo) and Kyle Ezzedine (New York).
