As the main partner of Avianca da Holding Open Group, the GOL Linhas Aéreass will soon reap the first fruits of the new business with a billionaire investment.
According to information from Portal Brazil Journal, the Abra Group committed to inject US$ 400 million into GOL's cash (approximately R$ 2,15 billion). The amount will be used to modernize the Brazilian company's fleet and to Liability Management, a company specialized in managing assets and liabilities.
In addition, thanks to the investment, GOL will be able to settle debts with maturities for the years 2024, 2025 and 2026. However, investors point out that for the deal to materialize, it will be necessary to envisage a t investment of US$ 175 million and US$ 243 million to Abra.
Including the plan to settle debts for the next three years, the Abra Group intends to buy US$ 1 billion in senior secured of GOL with maturities in 2028 and payment of 18% in dollars, a deal that includes Smiles. The purchase should come with discounts and aims to reduce GOL's debts, which add up to US$ 680 million.
“On the one hand, the transaction offers some relief for Gol's cash outflow situation between 2024 and 2026 (without changing its net debt level) and highlights the sources of funds available to the company,” he described to Portal Brazil Journal Itaú analyst Daniel Gasparete. “On the other hand, the high debt cost of the transaction (18% in dollars) caught our attention”, concluded the analyst.
If the financial transaction goes through, Abra will become GOL's main creditor, leaving the Brazilian company's cash position from R$600 million to R$2,7 billion at the end of the third quarter.
Source: Brazil Journal
