Correios Seeks R$10 Billion Loan Within 15 Days to Stabilize Finances

The cash call follows a failed R$20 billion bid that banks priced well above the threshold for federally guaranteed loans.

Overview

Management is pursuing a Treasury‑guaranteed syndicate to raise at least R$10 billion by the end of the month after scaling back an earlier R$20 billion plan.
Correios is asking banks to cap pricing at up to 120% of the CDI benchmark after initial offers reached about 136% of CDI despite the federal guarantee.
The company plans a voluntary separation program targeting 10,000 departures to trim payroll costs by roughly R$2 billion per year.
Correios is paying only interest on a prior R$1.8 billion facility whose spread rose to CDI+5% after a precatório covenant breach, with a R$40.5 million addendum due Nov. 28 and Dec. 28 and potential retention of funds starting Nov. 15.
The operator reports R$4.3 billion in year‑to‑date losses, about R$750 million in monthly cash burn, supplier arrears, and on‑time deliveries at 92% below its goal of above 95%.