Latin American e-commerce retailer and fintech provider MercadoLibre Inc. has tapped Brazil’s local debt market as it seeks to fund its largest investment plan for the nation yet.
(Bloomberg) — Latin American e-commerce retailer and fintech provider MercadoLibre Inc. has tapped Brazil’s local debt market as it seeks to fund its largest investment plan for the nation yet.
The firm raised 1 billion reais ($193 million) in local bonds that are backed by real-estate receivables known locally as CRIs, according to a statement. The transaction was led by Banco Itau BBA SA, Bradesco BBI SA and Banco Safra SA.
MercadoLibre plans to use the proceeds to expand and revamp its logistics network in Brazil, where it gets the majority of its revenues. The company had previously unveiled a plan to invest a record 17 billion reais in the country this year.
Read More: MercadoLibre Eyes More Investments in Credit Business, CFO Says
The deal takes place amid increased demand from investors for private-credit instruments as rates rise rates in Latin America’s largest economy.
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