Rumo looks to finance railroad expansion

Rumo looks to finance railroad expansion

Project & Infrastructure Finance Debt Capital Markets Loans Debenture Rule 476 Brazil

Brazilian logistics company Rumo plans to raise BRL1.5 billion ($278 million) in financing in the second quarter of this year to fund the expansion of its railroad network, CEO Beto Abreu said on Thursday. Rumo raised BRL850 million in financing in the first quarter this year and had roughly BRL5 billion in cash in May, Abreu told analysts during an earnings call. On Wednesday, however, the company agreed to invest another BRL6.1 billion in the Malha Paulista railroad network to renew the conces

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