Movida moves to sell local notes

Movida moves to sell local notes

Debt Capital Markets Corporate & Sovereign Strategy Debenture Fixed Income Rule 476 Brazil

Brazil's Movida said it could up to BRL700m ($176m) from a three-part debenture sale in the local market, raising money to pay off debt and buy more rental cars. The São Paulo-based car rental company said it will issue BRL250m in three-year notes at 125bp over the DI interbank lending rate and at least BRL150m in eight-year notes at as much as 210bp over the DI. It will sell up to another BRL300m in five-year notes at 160bp over the DI. Movida did not say which banks it hired to lead the debt

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