Localiza seeks US$244mn through bond offer

The board of directors of Brazilian vehicle leasing and retn-a-car company Localiza - (RENT3) on the São Paulo stock exchange (B3) - has approved a 1 billion-real (US$244 million) bond offer, the company’s 16^th issue of debt securities.

The offer, which will take place on 25 November, entails offering one million securities of 1,000 reais per unit, maturing in January 2025

Remuneration includes the DI interbank deposit rate plus 1.05%, paid in three parts of 33.3% apiece. The first will be paid on January 25, 2024, followed by a payment in 2025 and 2026.

The debentures can only be acquired by professional investors, meaning those with more than 10 million reais in investments. The company will use the resources for cash flow management.