Who knew that a frequent flyer program could have an initial public offering!?!

"Smiles SA, the frequent-flier program of struggling Brazilian airline Gol Linhas Aéreas Inteligentes SA, GOLL4.BR +3.50% on Monday said it plans to raise as much as 1.35 billion Brazilian reais ($677 million) in an initial public offering of shares, with proceeds to be used to pay down Gol's debts."

Registration required.

http://online.wsj.com/article/SB1000...701953094.html