Brazil's QGOG Constellation files for U.S. IPO
Jan 7 (Reuters) - Brazilian contract driller QGOG Constellation S.A. filed with U.S. regulators on Monday to raise up to $500 million in an initial public offering of its common stock.
The driller said in a filing with the U.S. Securities and Exchange Commission that J.P.Morgan, BofA Merrill Lynch, Itau BBA, Credit Suisse and Bradesco BBI would underwrite the offering. ()
QGOG, which is controlled by the Queiroz Galvao family, said it would use proceeds from the IPO to make down payments on two ultra-deepwater drillships and fund capital expenditures on certain existing projects.
The company, which is headquartered in Luxembourg, said it intends to list its common shares on the New York Stock Exchange under the symbol 'QGOG'.
The company had a contract backlog of about $10.9 billion as of Sept. 30, 2012. It derives almost all its revenue from Brazil's state-led oil company Petrobas.
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.
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