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Bond Market News
Gol-Azul Talks Begin with Possible Merger at Play
May 29, 2024
Brazilian carriers Gol and Azul are now in talks to “explore opportunities”, as expectations are for a possible merger. Azul has not signed or formalized any new agreement regarding a merger with Gol. Gol is currently controlled by holding company Abra Group that was formed in 2022, to combine Gol and Avianca under a common holding company. In a filing, Azul said that a possible agreement between Abra Group and them “would not be binding for Gol”. Earlier this week, both Gol and Azul announced a codeshare agreement to integrate their networks and frequent flyer programs. Besides, Gol is planning to raise $1.5 billion in fresh equity capital to repay existing an DIP facility whilst also planning to refinance $2bn in secured debt.
Gol’s dollar bonds were stable with its 8% 2026s at 63.8. Azul’s 7.25% 2026s were also steady at 84.5, yielding 16.5%.
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