14 Mar 23
News

Latam's largest fleet operator approves US$290mn bond issue

Latam's largest fleet operator approves US$290mn bond issue

Localiza Fleet, the long-term vehicle leasing arm of mobility company Localiza&Co in Brazil, has approved a 12th issue of 1.5 billion reais (US$290 million) in simple non-convertible bonds.

The bond offer is gauranteed by Localiza&Co and the acquired funding will be used for cash recomposition of Localiza Fleet, the company said in a statement.

They are issued in nominal units of 1,000 reais in a single series maturing on 20 March 2025 and according to local news service Estadao, renumeration is 1.4% (per year) above the one-day interbank deposit (CDI) rate.

While Localiza&Co has an overall fleet of more than 586,000 vehicles (considering 2022 data), its fleet subsidiary has nearly 241,000 vehicles, the largest car rental and vehicle leasing fleet in Latin America.

Authored by: Daniel Bland