SAO PAULO, April 3, 2017 /PRNewswire/ -- GOL Linhas
Aereas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and
BM&FBOVESPA: GOLL4), Brazil's #1 airline, announced today that it
has repaid in full the US$55.9
million (R$177.2 million) in
7.5% Senior Notes due 2017 that were outstanding at their maturity
date on April 3, 2017, using
available cash.
In addition, in 1Q17 GOL amortized R$71.7
million of debt on its aircraft finance leases, permanently
returned to lessors two aircraft under operating leases equivalent
to R$20.5 million capitalized lease
debt, and reduced other indebtedness by R$19.0 million. Due to these initiatives,
GOL has reduced its indebtedness by R$4.7
billion in the last 15 months. On a pro forma basis for
the repayment of its 7.5% Senior Notes, the Company's Adjusted Net
Debt to EBITDAR ratio at March 31,
20117 was approximately 4.5x. At March
31, 2017, GOL had total liquidity (defined as cash, cash
equivalents and accounts receivable) of R$1.3 billion.
"This debt reduction is another positive step in our phased
approach to transform our balance sheet and address our financial
obligations", said Richard Lark,
Executive Vice President and CFO. GOL's debt reduction in the
quarter lowers its annual cash interest expense by R$17.0 million. "Our ability to make these
repayments reflects the Company's improved cash flow position.
GOL's target is to reach an Adjusted Net Debt to EBITDAR ratio of
under 4.0x by the end of the year", added Lark.
For further information visit
www.voegol.com.br/ir
CONTACTS
INVESTOR RELATIONS
Phone: +55 (11) 2128-4700
E-mail: ri@voegol.com.br
CORPORATE COMMUNICATIONS
Phone: +55 (11) 2128-4183
E-mail: comcorp@voegol.com.br
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SOURCE GOL Linhas Aereas Inteligentes S.A.