Form 6-K Gol Intelligent Airlines For: Sep 30
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SECURITY AND EXCHANGE COMMISSION
Washington, DC 20549
FOREIGN ISSUER REPORT
IN ACCORDANCE WITH RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGES ACT OF 1934
For the month of September 2021
(Commission file n ° 001-32221)
GOL LINHAS AÉREAS INTELIGENTES SA
(Exact name of the declarant as specified in his charter)
GOL INTELLIGENT AIRLINES INC.
(Translation of the declarant’s name in English)
Praça Comandante Linneu Gomes, Portaria 3, Prédio 24
04630-000 São Paulo, São Paulo
Federative Republic of Brazil
(Address of the principal executive offices of the declarant)
Indicate with a check mark whether the declarant is filing or will be filing
annual reports under Form 20-F or Form 40-F cover.
Form 20-F ___X___ Form 40-F ______
Indicate with a check mark if the registrant by providing the
information contained in this form also provide
information to the Commission in accordance with Rule 12g3-2 (b) under
the 1934 Stock Exchange Act.
Yes ______ No ___X___
São Paulo, September 17, 2021 – GOL Linhas Aéreas Inteligentes SA (NYSE: GOL and B3: GOLL4), (“GOL” or “Company”), the largest airline in Brazil, announces that it has finalized the terms and conditions of the refinancing by GLA Linhas Aéreas SA, an operating unit of the Company, of 1.2 billion reais, with a final maturity in 2024. The participating syndicate is made up of local banks in Brazil, and the transaction is subject to final approvals and execution of relevant documents.
The refinancing will end GOL’s liability management program and bring the company back to its lowest level of short-term debt since 2014 (around R $ 0.5 billion at the end of 3Q21). Through its liability management program, GOL used assets on its balance sheet to reduce short-term debt by R $ 2.1 billion during the 12-month period ended June 2021. In partnership with its suppliers of aircraft rental, the Company maintained its aircraft rental liability. around 45% of total debt over the same period, with a stable IFRS16 discount rate.
GOL’s short-term debt refinancing will bring the average term of its liabilities to 3.3 years, an increase of more than two years. The use of the proceeds of the refinancing includes: 592 million reais applied to the remaining balance of the 7e issuance of bonds, 528 million reais of export financing lines (Finimps) and 165 million reais of working capital credit lines.
“With this transaction, the company closed the largest balance sheet deleveraging among its peers, making it the airline with the lowest liabilities. We can now focus the vast majority of our operating cash flow on sustainable operating growth, ”said Richard Lark, Chief Financial Officer.
The transaction will also improve GOL’s credit metrics by better matching future assets and liabilities and reducing the Company’s average cost of debt. Richard Lark added, “We are optimistic that this will be a critical catalyst in restoring GOL’s credit rating to its pre-pandemic level of B / B + by the three major corporate credit rating agencies. “
The Company’s disciplined financial management throughout the pandemic strengthened its balance sheet and reduced short-term indebtedness, preserving liquidity to maintain operations. GOL has also entered into several other important initiatives to rebalance its capital structure, such as the amortization of its US $ 300 million B term loan, the issuance of US $ 500 million of senior secured notes due in 2026, a capital increase of BRL 423 million led by its shareholder and the acquisition of a minority stake in its Smiles loyalty program.
The table below shows the main sources and uses in GOL’s liability management since January 2020.
|Sources of funds||billion R $||Uses of funds||billion R $|
|Senior covered bonds maturing in 2026||2.4||Term loan B||1.6|
|Guaranteed financing||1.3||Guaranteed financing||1.3|
|Restricted species||0.6||Investment financing||0.7|
|Aircraft sales||0.5||Funding of working capital||0.7|
|Increase in capital||0.5||Import financing||0.6|
|Deposits||0.3||Senior bonds maturing in 2022||0.4|
+55 (11) 2128-4700
Becky Nye, Montieth & Company
About GOL Linhas Aéreas Inteligentes SA
GOL is Brazil’s largest airline, a leader in the business and leisure segments. Since its creation in 2001, it has been the airline with the lowest unit cost in Latin America, which has enabled the democratization of air transport. The Company has entered into a strategic alliance with American Airlines and Air France-KLM, in addition to providing Customers with numerous codeshare and interline agreements, bringing greater convenience and ease of connections to any what location served by these partnerships. With the goal of “being the first for everyone”, GOL offers the best travel experience for its passengers, including: largest inventory of seats and most legroom; the most complete platform with internet, movies and live TV; and the best loyalty program, SMILES. In the transport of goods, GOLLOG delivers packages to different regions of Brazil and abroad. The company has a team of 15,000 highly skilled aviation professionals focused on safety, GOL’s number one value, and operates a standardized fleet of 127 Boeing 737s. GOL’s shares are traded on the NYSE (GOL) and B3 (GOLL4). For more information, visit www.voegol.com.br/ir.
The information contained in this press release has not been subject to any independent audit or review and contains “forward-looking” statements, estimates and projections that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, those concerning GOL’s future financial condition and operating results, strategy, plans, objectives, goals and targets, future developments in the markets in which GOL operates or is seeking to operate, and all statements preceded, followed or containing the words “believe”, “expect”, “aim”, “have” the intention to “,” will “,” be able “,” project “,” estimate “,” “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. Future events mentioned in these forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond the control of GOL, which may cause actual results, performance or events to occur. significantly different from those expressed or implied in these statements. These forward-looking statements are based on numerous assumptions about GOL’s present and future business strategies and the environment in which GOL will operate in the future and are not guarantees of future performance. These forward-looking statements speak only as of the date on which they are made. Neither GOL nor any of its affiliates, officers, directors, employees and agents assumes any duty or obligation to update or revise forward-looking statements, whether as a result of new information, future events. or otherwise, except to the extent required by law. None of GOL or its affiliates, officers, directors, employees, professional advisers or agents makes any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of the many possible scenarios and should not be considered the most probable or standard scenario. Although GOL believes that the estimates and projections contained in these forward-looking statements are reasonable, they may prove to be materially incorrect and actual results may differ materially. Therefore, you should not rely on these forward-looking statements.
In accordance with the requirements of the Securities Exchange Act of 1934, the declarant has duly caused this report to be signed on his behalf by the undersigned, being duly authorized for this purpose.
Date: September 17, 2021
|GOL LINHAS AÉREAS INTELIGENTES SA|
|Through:||/ s / Richard F. Lark, Jr.|
Name: Richard F. Lark, Jr.
Title: Investor Relations Officer