LLX Set for Third Week of Gains as BNDES Extends Loan Maturity
LLX Logistica SA (LLXL3), the port operator Eike Batista ceded control of last month, rose for a third week as the company renewed a 518 million-real ($235 million) bridge loan with Brazil’s state development bank.
The shares gained 0.5 percent to 1.92 reais at 12:42 p.m. in Sao Paulo, pushing this week’s advance to 14 percent. The stock has more than doubled in the past two months.
LLX’s unit LLX Acu Operacoes Portuarias SA said yesterday that it extended the maturity of the loan for three more years. Batista, once worth $34.5 billion, agreed to relinquish control of LLX to private-equity firm EIG Global Energy Partners LLC last month as the former billionaire tries to raise cash amid missed targets and ballooning debt at companies he founded including OGX Petroleo & Gas Participacoes SA.
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