Brazil’s Gol has repaid a $300 million term loan, plus accrued interest, which was underwritten in August 2015 by former shareholder Delta Air Lines.
Following the transaction, the average maturity of Gol's long-term debt, excluding aircraft leases and perpetual notes, is approximately four years.
“Going forward, we have no significant debt maturities until 2024,” said chief financial officer Richard Lark. “This is a reflection of the Company's commitment to strengthening its balance sheet over the last four years.”
After that, Gol has $425 million 3.75% convertible notes maturing on 15 July 2024, and.$650 million senior notes priced at 7% maturing on 31 January 2025.
Gol closed August with approximately R$5.7 billion ($1.1 billion) of total liquidity, including deposits and unencumbered assets, with approximately R$2.1 billion of liquidity in cash and receivables after the amortisation of the aforementioned term loan.
Delta took a stake in Gol through an equity injection in 2015, when it also guaranteed the $300 million term loan, but sold its stake in 2019 when it became a major LATAM shareholder.
Gol ended June with a fleet of 130 Boeing 737 aircraft.
In the first half of 2020, the carrier reduced its fleet by 11 leased 737-800 aircraft, and it plans to return another seven aircraft in the ongoing second half.
Gol said it could "reduce its fleet by up to another 30 aircraft in 2021-22, with the flexibility to return a higher number if demand is lower”.
Additionally, Gol has reduced its 2020-22 737 Max deliveries by 47 aircraft and lowered its Capex to R$280 million through December, with plans to fully finance all aircraft Capex and engine overhauls remaining in 2020.
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