GOL Linhas Aéreas Inteligentes repoert closing date of exchange offers

GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL), a low-cost Latin American airline, has reported the expiration and closing of its previously announced private offer to exchange any and all of its outstanding senior unsecured notes on July 1, 2016, the company said.

The outcome of the exchange offers will reduce GOL´s total debt by USD101.2 million (BRL326.9 million), with a cash use of USD13.9 million, and provide GOL with annual cash interest expense savings of USD9.3 million.

Together with the renegotiation of the aircraft leases, amendments to the terms of the Brazilian debentures and other important liquidity measures, the exchange offers provide improvements to GOL´s capital structure and help ensure that the company emerges from the current Brazilian political and economic crises in the best competitive position. These improvements are particularly important in helping GOL continue to take the necessary measures to reduce capacity and costs until the Brazilian economy and airline industry recover.