SAO PAULO, May 6, 2016 /PRNewswire/ -- GOL Linhas
Aéreas Inteligentes S.A. "GOL" or "Company" (BM&FBOVESPA: GOLL4
and NYSE: GOL), (S&P: C, Fitch: C and Moody's: Caa3), the
largest low-cost and best-fare airline in Latin America, announced this week the final
phase of the comprehensive restructuring plan begun in mid-2015.
This phase includes the restructuring of up to US$780mm of
unsecured bonds issued in the international capital markets. GOL's
USD unsecured bondholders now have the opportunity to exchange
their securities for new secured bonds at a premium to their
current market value. The USD unsecured bonds are the last major
group to be approached in GOL's comprehensive financial
restructuring.
On May 3, 2016, GOL began the
final component of its restructuring plan. This component, which is
the restructuring of US$780 million
of its outstanding USD bonds, is an important transaction for the
Company.
"GOL's offer to exchange all of its outstanding unsecured USD
bonds for new secured bonds, with collateral covering more than
100% of the new bonds, in addition to a cash component, and at a
premium to current market value, is a great opportunity for GOL's
bondholders to voluntarily participate in its restructuring and
receive a premium for their bonds," remarked Edmar Lopes, GOL's CFO.
In mid-2015, GOL began its comprehensive restructuring plan,
addressing over R$17 billion of debt
and other obligations, with a shareholder equity infusion of
US$150 million: raising US$100 million from its controlling shareholders,
who maintained their equity stake at 63%, and US$50 million from GOL's strategic partner, Delta
Airlines, which increased its equity stake to 9.5%.
Delta Airlines contributed additionally to GOL's plan by providing
a guarantee of a US$300 million Term
Loan to further aid in GOL's restructuring plan. During 2015,
GOL's suppliers contributed with better terms, producing
R$300 million of annual cash savings
to the Company.
GOL's restructuring has continued to progress in 2016.
Aircraft partner Boeing agreed to give the Company delivery
flexibility, resulting in up to R$550
million in cash flow to help fund the exchange offer.
GOL's aircraft lessors are expected to contribute with R$220 million of savings, and Delta is providing
additional help through the reduction of GOL's pledge of shares in
Smiles. Banco do Brasil and Bradesco are providing
substantial financial contributions. In addition to extending
the maturities of their R$1 billion
of debentures, both Banco do Brasil and Bradesco continue to make
available important financing mechanisms to the Company, including
over R$300 million in new credit
lines and letters of credit. Furthermore, GOL reached an
agreement with Smiles in which GOL will be able to make advance
ticket sales, subject to the level of cash benefits generated by
its restructuring, including the results of the Exchange Offer.
"We strongly believe that this is a good and fair offer, and the
best that GOL can provide, and we expect that bondholders will
understand that it is in their best interest to exchange their
Notes. The threshold is set by the Company, and we can change
it if circumstances call for it," continued Mr.
Lopes.
The USD bond exchange offer expires on May 17 for bondholders desiring to obtain an
extra "early-bird" premium, and on June
1, for those not desiring the extra premium. Holders may
contact the information agent to request the eligibility letter at
(212) 269-5550 or toll free at (866) 796-6898. Holders can also
visit www.dfking.com/gol for instructions on how to participate in
the Exchange Offers.
Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55(11)2128-4700
Media Relations
Marcelo
Mota
In Press Porter Novelli
+55 11 94547 7447
Michael Freitag, Meaghan Repko and Dan
Moore
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
About GOL Linhas Aéreas Inteligentes S.A.
GOL Linhas
Aéreas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL),
the largest low-cost and best-fare airline in Latin America, offers around 900 daily flights
to 68 destinations, 13 international, in South America and the Caribbean, using a young, modern fleet of
Boeing 737-700 and 737-800 Next Generation aircraft, the safest,
most efficient and most economical of their type. The SMILES
loyalty program allows members to accumulate miles and redeem
tickets to more than 700 locations around the world via flights
with foreign partner airlines. The Company also operates Gollog, a
logistics service which retrieves and delivers cargo and packages
to and from more than 3,192 cities in Brazil and more than 47 countries and 90
foreign destinations through international partnerships. With its
portfolio of innovative products and services, GOL Linhas Aéreas
Inteligentes offers the best cost-benefit ratio in the market.
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SOURCE GOL Linhas Aereas Inteligentes S.A.