UPDATE 1-Brazil's Gol sweetens bond swap offer, extends deadline

lunes 20 de junio de 2016 12:06 GYT
 

(Adds executive's comments, terms of new offer, share reaction)

SAO PAULO, June 20 (Reuters) - Brazilian airline Gol Linhas Aereas Inteligentes SA sweetened a debt restructuring offer on Monday, extending the deadline to July 1 and reducing the proposed discount to lure more investors, the company said in a securities filing.

Gol improved the terms of its May 3 offer as much as 84 percent for notes maturing in 2020, 2022 and 2023 and 79 percent for its perpetual bonds. The airline also offered bonus payments based on the company's performance and any possible takeover.

Chief Financial Officer Edmar Lopes said the new offer is Gol's final, non-negotiable proposal, aimed at resolving concerns expressed by creditors in recent weeks amid tepid interest for the airline's original offer.

Despite Gol's repeated extensions of the offer this month, investors tendered by Friday just $135 million of bonds in the deal aimed at restructuring $780 million of outstanding debt,

Lopes said he expected strong participation from bondholders under the new terms and the company continues to negotiate new deals with banks and leasing companies by June 30.

Gol shares rose 2 percent in Sao Paulo trading.

Lopes ruled out any new equity injection in conjunction with the debt restructuring and denied any negotiations for an acquisition of the airline, which would trigger a payout to some bondholders under Gol's latest proposal if it comes before 2018.

Both Gol and Delta Air Lines, which bought 9.5 percent of the Brazilian airline, have denied press reports that the U.S. carrier would increase its stake if the Brazilian government rolls back domestic ownership requirements.

The lower house of Brazil's Congress is scheduled on Monday to vote on an executive decree lifting the maximum foreign stake in Brazilian airlines to 49 percent from 20 percent previously. (Reporting by Brad Haynes and Alberto Alerigi Jr.; Additional reporting by Silvio Cascione in Brasilia; Editing by W Simon)