Localiza Debentures Get Aa1 mark

Localiza’s new bonds have been rated Aa1 on a national scale, according to Moody’s. The Brazilian car rental company is in the process of selling BRL500m in 2017 bonds amortizing in years 5 and 6, and has set a 115% of DI interest rate ceiling. Around 60% of the proceeds will be used to repay debt and around 40% will be used for fleet investment and to reinforce working capital. Bradesco, BTG Pactual and Itau, are managing the sale. The transaction is expected to roadshow in mid-May and close around June 10.