Day: May 27, 2020

Latam’s shares fall more than 50%

Latam’s shares traded in New York started down sharply on Tuesday. The shares registered a 39.92% devaluation before the opening of the business, at $ 1.55. On the Santiago Stock Exchange, the paper started on Tuesday with a 51% drop, at 950 Chilean pesos, the lowest value of the day, the paper lost 31% on the Chilean stock exchange.

Embraer negotiates $ 600 mn bailout package

Aircraft maker Embraer negotiates a $ 600 million bailout package with banks that will include only debt instruments, with no possibility for creditors to hold a stake in the company. BNDES will provide about 50% of the loan, while the rest will be financed by Banco do Brasil, Banco Santander Brasil and Banco Bradesco.

Power companies will have up to $ 2.9 bn in loans

The National Electric Energy Agency (Aneel) opened a public consultation this Tuesday to discuss details of an operation structured by the government to support electricity distributors due to impacts of the coronavirus in the sector, which will involve loans of up to R$ 16.1 billion ($ 2.9 billion) to companies. Financing must be paid in five years.

Centauro shares can move almost $ 182 mm

Centauro said on Tuesday it would make a restricted primary offer of about 25 million shares to raise funds for acquisitions. Based on the closing price of the shares on Monday, the offer may move up to R$ 928.8 million ($ 182 million), including total instalments of up to 8.75 million shares.

StoneCo has a 13% drop in 1st quarter profit

Payment media company StoneCo said on Tuesday that it had an adjusted profit of R$ 162.3 million ($ 29 million) in the first quarter, down 12.9% from the same period last year, reflecting the economic effects of Covid-19. But the Nasdaq-listed Brazilian company said its active customer base rose 73.9% in 12 months through March, and that total revenue advanced 33.8%, to R$ 716.8 million ($ 130 million).