In a filing with the U.S. Securities and Exchange Commission, Petrobras (NYSE:PBR) revealed they'll be raising about $60 billion by selling shares of their common and preferred stock. The offering is being underwritten by Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS), among others.
Petrobras said they're going to sell up to 2,174,073,900 shares of their common stock, and 1,585,867,998 shares of their preferred stock in the offering.
Based on their September 1 closing price of $35.07 a common share, and $31.12 for each preferred ADS on the same date, the overall potential total of the offering would come to $62,798,491,875.38. That's before underwriter fees, other expenses and taxes.
Existing shareholders will be offered the first 80 percent of the shares on a priority basis.
While bookmaking should start today, pricing should be confirmed on September 23, 2010.
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