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GOL announces pricing of global share offering

Direct News Source

09-Oct-2009 GOL Linhas Aéreas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, announces that its global offering of 38,005,000 preferred shares, including preferred shares in the form of American depositary shares ("ADSs"), by the Company and ASAS Investment Fund, the Company's controlling shareholder, has priced on October 8, 2009.

The offering of preferred shares in Brazil has been registered with the Comissão de Valores Mobiliários (CVM), the Brazilian securities commission. ASAS Investment Fund will invest the entirety of the proceeds (excluding proceeds from the sale of any preferred shares upon the exercise of the over-allotment option) received from the sale of preferred shares in common shares newly issued by the Company. ASAS Investment Fund has granted the international and Brazilian underwriters, an option to purchase up to 5,182,500 additional preferred shares, including preferred shares in the form of ADSs.

The ADSs were offered to the public at a price of US$9.48 per ADS, and the preferred shares were offered to the public at a price of R$16.50 per preferred share. Upon pricing, the transaction was upsized by 10% from 34,550,000 preferred shares to 38,005,000 preferred shares.

The Company intends to use the net proceeds of approximately US$346.6 million from the global offering and the concurrent subscription of common shares by ASAS Investment Fund, primarily for general corporate purposes and to strengthen its cash position and balance sheet.

The international offering is being led by BofA Merrill Lynch, Banco Itaú BBA, Morgan Stanley and Bradesco BBI, as joint bookrunners. Calyon Securities (USA) Inc., Citi and Raymond James are acting as placement agents outside Brazil. BB Securities Limited is acting as placement agent outside Brazil and the United States.

A registration statement relating to the offering of these securities has been declared effective by the Securities and Exchange Commission. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of the securities shall be made solely by means of the prospectus issued with respect to the offering.