Correios management estimates that the R$7 billion loan under negotiation with a group of four private banks will be released next week. The expectation is to sign the contracts on September 15. The group of banks includes Banco ABC, Citibank, Deutsche Bank and J.P. Morgan.
To convince the banks to lend to the state-owned company, which closed the first half of the year with a loss of R$5.5 billion, the company requested that the National Treasury serve as guarantor of the operation. With this guarantee, in case of default, the debt falls to the Union. The official request was made last week.
The state-owned company will pay a rate of 114.26% of the Interbank Deposit Certificate (CDI), which is close to the Selic rate. The contract term will be 15 years, of which the first three will be a grace period, with no installment payments.
In December, Correios took out a R$12 billion loan from a group of banks, also with a guarantee from the National Treasury.
