GOL Secures $600M Financing For Fleet Transformation

  • Gol Linhas Aereas Inteligentes SA GOL closed the financing of up to $600 million with Castlelake LP to finance the acquisition of new Boeing Co BA 737 MAX 8 aircraft.
  • The transaction will comprise ten finance leases and two sale-leasebacks. The interest rate for the finance leases is ~6% p.a.
  • The funds originated will cover 100% of the acquisition cost of the new aircraft and provide resources that will be directed to obligations and return costs on its 737 NG aircraft.
  •  In 3Q21, the company signed agreements for 26 additional MAX 8 aircraft and currently has a total of 102 737 MAX aircraft to be delivered.
  • The company expects to return up to 18 737 NG aircraft in 2022 and a total of 34 NG aircraft by year-end 2025, further reducing unit costs.
  • Delivery of these additional 12 Boeing 737 MAX aircraft begins in January 2022.
  • Also read, GOL Expects Passenger Unit Revenue To Grow 35% In Q4
  • Price Action: GOL shares traded lower by 6.80% at $5.76 on Monday's last check.
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