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LATAM Airlines has completed its DIP financing

LATAM Airlines has completed a DIP financing during its Chapter 11 due to the COVID-19 crisis.

LATAM is South America’s leading airline and one of the world’s largest groups, carrying 74 million passengers in 2019. LATAM and its affiliates maintain the largest market share position in Chile and Peru and the second-largest across Brazil, Ecuador, Colombia and Argentina. Additionally, LATAM ranks first in international market share within South America and between South America and Asia Pacific, second between South America and North America, and third between South America and Europe. It is also the largest cargo business in South America, which remained resilient due to the pandemic.

Oaklins’ team in Chile structured a passive binding offer complementary to international bids of US$310 million for Tranche A. The company decided to give minority shareholders the option to participate in the process of Tranche C. The Oaklins team created a unique fund structure in which minority shareholders and local bondholders of LATAM could participate in US$150 million. The fund was then transferred to Toesca in order to avoid potential conflicts of interest. The team auctioned the fund in the local market through a public process in which minority shareholders had priority to subscribe and local bondholders could participate without priority.

Service
Funding, debt advisory & ECM
Parties

Talk to the deal team

 Matías  Ferrer

Matías Ferrer

Director
Santiago, Chile
Oaklins LarrainVial
 Felipe  Porzio

Felipe Porzio

Managing Partner
Santiago, Chile
Oaklins LarrainVial

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