Localiza Rent a Car S.A. Completes Follow-On Offering
07.06.23
This is only gets display when printing
Simpson Thacher represented Itau BBA USA Securities, Inc., Bradesco Securities, Inc., BTG Pactual US Capital, LLC, Santander US Capital Markets LLC, BofA Securities, Inc., Safra Securities LLC, XP Investments US, LLC, and other financial institutions as placement agents in connection with the follow on equity offering by Localiza Rent a Car S.A. (“Localiza”) of 67,527,012 common shares. The common shares were offered to certain institutional investors in Brazil, to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in reliance on Regulation S. The net proceeds from this offering was approximately R$4.4 billion based on the offering price of R$66.64 per common share, after deducting commissions and offering expenses. The net proceeds from the offering will be used to (i) increase the size of Localiza’s fleet of vehicles and (ii) expand the service network and invest in technology and telemetry.
Localiza is the largest car rental company in Brazil in terms of number of branches, fleet size and gross revenues. The shares of Localiza are traded on the Novo Mercado listing segment of the São Paulo Stock Exchange (B3 S.A. – Brasil, Bolsa, Balcão) under the symbol “RENT3.”
The Simpson Thacher team for the transaction included Grenfel S. Calheiros, Raissa Fini and João F. Rocha (Capital Markets); and Michael E. Mann (Tax).