Chicago, Feb. 4 – Movida Participacoes SA sold $500 million of 5¼% sustainability-linked notes due 2031 (B+/BB-), according to a company notice.
The notes were issued by financial subsidiary Movida Europe.
The notes are the first issue of sustainable notes issued by a car rental company, according to Movida.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Banco BTG Pactual SA Cayman Branch, Itau BBA USA Securities, Inc., Santander Investment Securities Inc., UBS Securities LLC and XP Investimentos Corretora de Cambio, Titulos e Valores Mobiliarios SA are the joint bookrunners for the Rule 144A and Regulation S notes.
Proceeds will be used for general corporate purposes, including capital expenditures and refinancing the company’s debt.
To maintain the interest rate, the company must reduce its greenhouse emissions by 30% by 2030.
If the target is not met in 2025, the interest rate will increase to 5½% until the maturity of the notes.
The Sao Paulo, Brazil-based company is one of the largest rental car companies in Brazil.
| Issuer: | Movida Europe
|
| Amount: | $500 million
|
| Maturity: | Aug. 2, 2031
|
| Securities: | Sustainability-linked notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Banco BTG Pactual SA Cayman Branch, Itau BBA USA Securities, Inc., Santander Investment Securities Inc., UBS Securities LLC and XP Investimentos Corretora de Cambio, Titulos e Valores Mobiliarios SA
|
| Coupon: | 5¼%
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 8
|
| Ratings: | S&P: B+
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
