Brazil optimism hamstrings Gol tender

Brazilian airline Gol found it difficult to prise its bonds out of investors’ hands with a tender offer in January, receiving only 14% take-up. CFO Richard Lark said it indicated investors’ positive sentiment towards Brazilian credit in general and Gol in particular.

  • By Lewis McLellan
  • 07 Feb 2019
The tender offer was Gol's latest attempt to simplify its cap table. It offered investors the chance to sell back their 8.875% 2022 bonds to the issuer at 101, more than a point over where the bonds are trading in the secondary market. There were $91.5m of 2022 ...

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