Brazil’s Gol Cuts Its Stock Offering

Brazil’s Gol Intelligent Airlines Inc. announced today that it has filed with the U.S. Securities and Exchange Commission an amendment to its registration statement dated March 25, 2005, cutting the size of its proposed offering to 14.7 million  of its preferred shares from 20.4 million.

Its stock offering consists of 5.5 million preferred shares offered by Gol and 9.2 million of preferred shares offered by a selling shareholder, BSSF Air Holdings LLC (an affiliate of AIG Capital Partners).


The preferred shares will be offered in the form of American depositary shares, or ADSs, in an international offering and in the form of preferred shares in a concurrent Brazilian offering that will be registered with the Comissão de Valores Mobiliários, the Brazilian Securities Commission.


Each ADS represents two preferred shares. None of Gol’s other shareholders will sell their preferred shares in the proposed offering. The proceeds will be used to lease and buy new Boeing 737 airplanes.


The international offering will be led by Morgan Stanley as sole bookrunning manager, and Merrill Lynch & Co., Raymond James, and Santander Investment Limited as joint lead managers.


The Brazilian offering will be led by Banco Santander Brasil S.A., Banco Morgan Stanley Dean Witter S.A., joint bookrunners of the Brazilian offering, and Banco Itaú BBA S.A. Morgan Stanley will be global coordinator of the proposed offering.


Gol will also grant the international and Brazilian underwriters an option to purchase up to an additional 2.2 million preferred shares to cover over-allotments, if any.


A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective.


These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.


Gol operates a simplified fleet of Boeing 737s with a single-class of service. The company has one of the youngest and most modern fleets in the industry with low maintenance, fuel and training costs, and high aircraft utilization and efficiency ratios.


Gol currently offers service to 39 major business and travel destinations in Brazil and Argentina. In 2005, Gol plans to grow by increasing frequencies in existing markets and adding service to additional markets in both Brazil and other South American travel destinations.


Gol Linhas Aereas Inteligentes S.A.
www.voegol.com.br
 
Business Wire

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