Localiza unit heads to bond market

Localiza unit heads to bond market

Corporate & Sovereign Strategy Debenture Brazil Capital Markets Debt

Brazilian car rental company Localiza said its subsidiary Localiza Fleet plans to issue BRL1 billion (BRL185 million) in debentures in the local market to restore its cash position, according to a securities filing. Localiza said its board had approved guarantees for the debt sale, but it did not say if it had hired banks to arrange the deal or when it planned to go to market. In April this year, Localiza Fleet raised BRL1.45 billion in a two-part deal in the local market, pricing BRL950 million

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