Localiza Fleet approves US$80mn bond issue

Brazilian vehicle leasing and rent-a-car company Localiza (RENT3), by way of its Fleet subsidiary, has approved a bond issue of up to 300 million reais (US$80.2mn).

The issue is currently going through a due diligence phase.

The announcement follows the accomplishment of this week’s memorandum of understanding to acquire the company’s rent a car franchise – also named Localiza - in the city of Ribeirão Preto (São Paulo state). The franchise has six car rental agencies which have a total fleet of some 3,000 vehicles. It operates I more than three cities.