LATAM Airlines Group announces the successful conclusion of its rights offering

Published on : Saturday, December 21, 2013

latam-airlinesLATAM Airlines Group S.A., the leading airline group in Latin America, announced today that on December 19, 2013, it completed the preemptive rights offering of 62,000,000 primary shares, generating proceeds of approximately US$784 million.

Based on the information currently available, 51,685,128 shares were subscribed and paid at a price of US$ 15.17 per share, as follows:

· Local shares (representing 93% of the total issuance): 83.8% subscription or 48,740,008 shares subscribed;
· ADRs (representing 6% of the total issuance): 72.9% subscription or 2,673,191 shares subscribed;
· BDRs (representing 1% of the total issuance): 57.9% subscription or 271,929 shares subscribed.

Of the 10,314,872 shares that remain unsubscribed, a total of 8,405,276 shares correspond to the Amaro Group, which neither subscribed nor transferred its preemptive rights in the offering. This decision is in accordance with the terms of the shareholders’ agreements established between the Cueto and Amaro groups and does not alter the corporate governance of the Company nor the ownership structure and control of TAM S.A.

Of the 62 million shares offered during the preemptive rights period, excluding the shares corresponding to the Amaro family, 96.4% was effectively subscribed.

The unsubscribed shares are expected be offered to the market as deemed opportune by the Company.

Source:- Latam Airline

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