GOL raises US$346 million in equity offering

October 14, 2009 7:40 AM

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados and Shearman & Sterling LLP have helped low-fare Brazilian airline GOL raise US$346 million in a share offering on the local and international markets. GOL Linhas Aereas Inteligentes, the second largest airline in Brazil, also performs flights to Curacao.

Souza, Cescon, Barrieu & Flesch Advogados and Davis Polk & Wardwell advised the underwriters in the offering, which closed on 8 October.

GOL and its controlling shareholder, ASAS Investment Fund, sold 38 million preferred shares, including American depositary shares in the US. The transaction was increased by about 10 per cent from the original offer. ASAS has also granted the underwriters an option to purchase 5.2 million additional shares.

The airline says it will use the net proceeds for general corporate purposes and to strengthen its cash position and balance sheet.

Bank of America Merrill Lynch, Itaú BBA, Morgan Stanley and Bradesco BBI acted as joint bookrunners in the deal, with Calyon, Citi, Raymond James and BB Securities acting as placement agents.

Counsel to GOL Linhas Aereas Inteligentes

Brazil

•Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Partner Jean Marcel Arakawa and associates Frederico Kerr Bullamah and Camila Dias Requena

US

•Shearman & Sterling LLP

Partner Andrew Jánszky and associates Tobias Stirnberg and Christina Milani in São Paulo

Counsel to the banks

Brazil

•Souza, Cescon, Barrieu & Flesch Advogados

Partners Joaquim Oliveira and Ronald Herscovici and associates Fabiane Ortiz, Mariana Borges and Tamara Furman

US

•Davis Polk & Wardwell

Partners Manuel Garciadiaz and Maurice Blanco and associate Drew Glover in New York

(Source: Legal Magazine LatinLawyer)

October 13, 2009