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Brazil’s GOL gets early tenders for $21.19 million 9¼% notes due 2020
By Susanna Moon
Chicago, Dec. 29 – GOL Linhas Aereas Inteligentes SA said holders had tendered $21,191,000 of the 9¼% senior notes due 2020 issued by subsidiary Gol Finance as of the early deadline of 5 p.m. ET on Dec. 28.
In the tender offer, GOL is offering $1,020 per $1,000 principal amount, including an early tender premium of $30 per $1,000 that will only be paid to holders who tender by the early deadline.
The company will also pay accrued interest.
GOL said on Dec. 14 the issuer was tendering for $50 million of the 9¼% notes until 11:59 p.m. ET on Jan. 12.
The initial settlement date is expected to occur on Dec. 29, with payment for any remaining tenders to be made on Jan. 16, according to a company update.
Withdrawal rights expired as of the early deadline.
Notes tendered before the early deadline will have priority of acceptance over those tendered after.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and Merrill Lynch, Pierce, Fenner & Smith Inc. (888 292-0070 646 or 855-8988) are dealer managers. D.F. King & Co., Inc. (www.dfking.com/gol, 877 283-0317, 212 269-5550 or gol@dfking.com) is tender agent and information agent.
GOL also said on Dec. 14 that the issuer will also redeem its 9½% senior secured amortizing notes due 2018, 9½% senior secured notes due 2021 and 9½% senior secured notes due 2028 in January.
The announcement followed a $500 million issue of 7% senior notes due 2025.
GOL planned to issue the notice of redemption for the three series of notes on Dec. 21 and to set a call date of Jan. 23.
Under the terms of the indenture for the 2021 and 2028 notes, the company would have been required to issue additional notes equal to 13.5% of the principal amount in 2018 on the interest payment date following calculation of the premium.
The company said it has elected to make the premium payment, calculated as of the date the redemption notices are sent to holders, on the redemption date.
GOL is a Sao Paulo, Brazil-based airline.
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