May 4, 2020 |
Brazilian clothing retailer aims to raise another $91 mln in a two-part deal in the local market
Lojas Renner will sell BRL300 million worth of two-year notes at the DI interbank lending rate plus 3% and BRL200 million worth of 2.5-year notes at the DI plus 3.04%, it said in a securities filing. The sale is scheduled to take place on May 5, it added.
The Porto Alegre-based company will use the proceeds to add to working capital and maintain "the minimum strategic level of cash flow," it said.
The retailer closed its stores in Brazil, Argentina and Uruguay on March 19 as part of region-wide efforts to slow the spread of the coronavirus. It announced on April 23, however, that it would start reopening stores in line with local ordinances.