LATAM Airlines returns to NYSE this Thursday
LATAM Airlines, the leading passenger and cargo airline group in South America, announced the reopening and re-listing of its ADR program on the New York Stock Exchange (NYSE), effective today, Thursday, July 25, 2024.
This follows the pricing of a secondary public offering by certain shareholders of the company to sell 19,000,000 American Depositary Shares (ADRs), each representing 2,000 common shares of LATAM, at a price to the public of US$24 per ADR.
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The ADRs are expected to begin trading on the New York Stock Exchange under the symbol “LTM”. This transaction marks LATAM Airlines Group’s return to NYSE, following its exit in June 2020 after entering into a Chapter 11 restructuring process.
In connection with the underwritten offering, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,850,000 ADRs at the initial public offering price. LATAM will not receive any proceeds from the sale of ADRs by the selling shareholders. The offering is expected to close on July 26, 2024, subject to the satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, Barclays Capital Inc. and J.P. Morgan Securities LLC are acting as global coordinators and lead arrangers in the offering. Citigroup Global Markets Inc, Santander US Capital Markets LLC, Deutsche Bank Securities Inc, BNP Paribas Securities Corp, MUFG Securities Americas Inc, Natixis Securities Americas LLC and Larraín Vial S.A. are acting as additional underwriters and Morgan Stanley & Co. LLC is participating as co-manager in the transaction.
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Plataforma Informativa de Aviación Comercial líder en América Latina.