February 20, 2020
Brazilian car rental company Movida Participações said it plans to raise BRL800 million ($183 million) from a two-part debenture deal in the local market, raising money to pay off debt and increase liquidity, according to a securities filing.
The company said it intends to issue at least BRL600 million in debt and make "best efforts" to sell another BRL200 million under Brazil's Rule 476. Movida did not say which banks it has hired to coordinate the offering.
The first series of notes will matur
Brazilian car rental company aims to raise $183 mln to pay off debt and increase liquidity