By Rebecca Melvin
New York, Dec. 6 – Brazil’s GOL Linhas Aereas Inteligentes SA priced $500 million of 7% seven-year notes (expected rating: B-/B) on Wednesday at 98.604 to yield 7¼%, a market source said.
Pricing came at revised guidance, which was revised from initial talk in the 7 3/8% area.
Credit Suisse, BCP Securities, BofA Merrill Lynch and Morgan Stanley & Co. LLC are the bookrunners and global coordinators of the notes, which are non-callable for four years and are being issued by Linhas subsidiary GOL Finance.
Proceeds will be used to fund a tender offer for the company’s $276.73 million principal amount of 8 7/8% senior notes due 2022.
The airline is based in Sao Paulo.
| Issuer: | GOL Finance
|
| Guarantor: | GOL Linhas Aereas Inteligentes SA
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 31, 2025
|
| Bookrunners: | Credit Suisse, BCP Securities, BofA Merrill Lynch and Morgan Stanley & Co. LLC
|
| Coupon: | 7%
|
| Price: | 98.604
|
| Yield: | 7¼%
|
| Call protection: | Non-callable for four years
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 11
|
| Ratings: | S&P: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 7¼% from initial talk in the 7 3/8% area
|
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