SAO PAULO, Brazil, May 29 /PRNewswire-FirstCall/ -- GOL Linhas Aereas Inteligentes (Bovespa: GOLL4 and NYSE: GOL), Brazil's low-cost, low-fare airline, announces that its Board of Directors has authorized its operating company GOL Transportes Aereos S.A. to enter into a R$ 75.7 mm loan with the BNDES (Brazilian National Economic and Social Development Bank). The tenor of the BNDES loan is six years with an interest rate of 2.65% over the long-term borrowing rate -- TJLP (currently set at 8.15% in Reais).
The direct credit line approved by the BNDES will be used to finance a significant part of the Company's multi-year investment plan for the three-year period ending in fiscal 2006, with a focus on the construction of facilities at the GOL Aircraft Maintenance Center at the Confins International Airport in Minas Gerais, the acquisition of nationally manufactured equipment, the acquisition and customization of nationally manufactured software, and the technical training of employees. The BNDES financing aims to support the Company's long-term growth in the civil aviation market, improvement in productivity and efficiency ratios, and help create jobs for highly-skilled personnel.
About GOL Linhas Aereas Inteligentes
GOL Linhas Aereas Inteligentes, a low cost, low fare airline, is one of the most profitable and fastest growing airlines in the industry worldwide. GOL operates a simplified fleet with a single class of service. The Company has one of the youngest and most modern fleets in the industry resulting in low maintenance, fuel and training costs, with high aircraft utilization and efficiency ratios. In addition, safe and reliable services, which stimulate GOL's brand recognition and customer satisfaction, allow GOL to have the best value proposition in the market. GOL currently offers over 500 daily flights to 50 major business and travel destinations in Brazil, Argentina, Bolivia, Uruguay and Paraguay. GOL plans to increase passenger flights in existing markets and add service to additional markets in both Brazil and other high-traffic South American travel destinations. GOL's shares are listed on the NYSE and the Bovespa. GOL: here everyone can fly!
© 2006 PR Newswire
