The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Gol’s high-flying borrower

Richard Lark, CFO of low-cost airline Gol Linhas Aéreas Inteligentes, exemplifies the increasing sophistication that ex-bankers are bringing to Brazilian corporate finance. He is a qualified pilot, was formerly a vice-president at Morgan Stanley and is a borrower whose company’s stock value has doubled since its IPO. Lawrence White spoke to him in São Paulo.

Richard Lark, CFO of low-cost airline Gol Linhas Aéreas Inteligentes
Richard Lark: local market is becoming more competitive

You’ve been to the capital markets three times so far, for two equity deals and the 8.75% perpetual bond in April this year. With your plans to expand Gol’s fleet of aircraft in mind, do you think you’ll be looking to issue more debt or equity in the near future? You need a lot of prefunding to buy aircraft, but we are well positioned for now thanks to US-bank guaranteed leases. I’ve no immediate plans for debt issuance, but we could go to the capital markets if we make plans to expand the fleet beyond what has already been announced. We have registered for an equity issuance and a convertible but we’re on hold now due to market conditions.

So market volatility still has a big impact on your funding activities?

Yes, Brazilian companies can’t yet depend on the international capital markets. You’ve got to wait for a good window and then really go for it.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree