Correios' management estimates that a R$ 7 billion loan under negotiation with a group of four private banks will be released next week, with the signing of contracts scheduled for September 15. The banks involved are Banco ABC, Citibank, Deutsche Bank, and J.P. Morgan.
To secure the loan, the state-owned company asked the National Treasury to be the guarantor of the operation, meaning that in case of default, the debt falls to the Union. The company closed the first half of the year with a loss of R$ 5.5 billion.
The contract will have a 15-year term, with three years of grace period, without installment payments. The interest rate will be 114.26% of the CDI, close to the Selic rate.
Last year, in December, Correios had already taken out a R$ 12 billion loan from a group of banks, also with National Treasury guarantee. In addition to the bank loans, the government will make a R$ 6 billion injection into the state-owned company.
