Abra Group, the majority investor of Gol Linhas Aéreas Inteligentes (GOL) and Avianca Group International, has closed $1.25 billion of comprehensive refinancing transactions, including a new credit facility led by Castlelake.
On October 22, 2024, a wholly owned subsidiary of the Company, Abra Global Finance, closed a private placement of $510 million in aggregate principal amount of senior secured notes due 2029.
Abra also separately entered into a Term Loan Credit Agreement, led by Castlelake, providing for a five-year, senior secured term loan credit facility with an aggregate principal amount of $740 million. The notes and the credit facility are guaranteed by Abra and certain of its subsidiaries.
Abra confirmed that it applied the net proceeds from the placement and borrowings under the credit facility, together with cash on hand, to fund the repayment of the entire aggregate principal amount of the Issuer’s senior secured notes due 2028 and to pay related fees and expenses.
Some 99.9% of the holders of the Issuer’s senior secured exchangeable notes due 2028 agreed amend the indenture governing to “comprehensively resolve all existing defaults, including those relating to the chapter 11 filing of GOL and certain of its subsidiaries”.
Rothschild & Co is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Abra in connection with the refinancing transactions. Skadden, Arps, Slate, Meagher & Flom is acting as legal advisor to Castlelake.