Petrobras raises $67B in largest global offering ever

Source: Petrobras

Petrobras (NYSE:PBR) has priced its global offering of 2,293,907,960 common shares, including common shares in the form of American Depositary Shares (ADSs) and 1,788,515,136 preferred shares, including preferred shares in the form of ADSs (not including any exercise of the underwriters’ over-allotment option). 

The common shares are being offered to the public in Brazil at a price of R$29.65 per share, and the preferred shares are being offered to the public in Brazil at a price of R$26.30 per share. 

Common shares in the form of ADSs (common ADSs, each common ADS representing two common shares) are being offered to the public internationally at a price of US$34.49 per common ADS, and preferred shares in the form of ADSs (preferred ADSs, each preferred ADS representing two preferred shares) are being offered to the public internationally at a price of US$30.59 per preferred ADS. 

The aggregate proceeds of the global offering to Petrobras, after underwriting discounts and commissions (before expenses), will be equivalent to approximately US$67 billion. 

The global offering consists of a registered offering in Brazil and an international offering, which includes a registered offering in the United States. The global offering is scheduled to close on Wednesday, September 29, subject to satisfaction of customary conditions. Further information about the offers is contained in the offering documents.

Existing shareholders of Petrobras were given the right to subscribe for shares in the Brazilian offering on a priority basis.

The common ADSs and the preferred ADSs are listed on The New York Stock Exchange under the symbols PBR and PBRA, respectively. The ADSs offered in the global offering are expected to be delivered on Wednesday, September 29, in time to settle trades completed on The New York Stock Exchange on Friday, September 24.

The common shares and preferred shares are listed on the São Paulo Stock Exchange under the symbols PETR3 and PETR4, respectively. The shares offered in the global offering are expected to be delivered on Wednesday, September 29, in time to settle trades completed on the São Paulo Stock Exchange on Monday, September 27.

Petrobras has granted the international underwriters and the Brazilian underwriters options for a period of up to 30 days beginning on September 24, 2010, to purchase an aggregate of up to 187,997,094 additional common and preferred shares, including shares in the form of ADSs, solely to cover over-allotments, if any.



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