LATAM Airlines’s $460 Million Re-IPO and NYSE Relisting

Cleary Gottlieb is representing LATAM Airlines Group S.A. (LATAM) in the approximately $460 million public offering by certain of its shareholders of 19 million American Depositary Shares (ADSs), each representing 2,000 common shares of LATAM, at a price to the public of $24.00 per ADS.

The offering priced on July 24, 2024, and is expected to close on July 26, 2024.

Concurrently with the offering, LATAM relisted its ADSs on the New York Stock Exchange (NYSE). This marks LATAM’s return to the NYSE following its delisting in June 2020 after LATAM entered into a voluntary reorganization and restructuring process under Chapter 11 protection in the United States, from which it emerged in November 2022.

Goldman Sachs & Co. LLC, Barclays Capital Inc., and J.P. Morgan Securities LLC are acting as global coordinators and bookrunners. 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 LarraínVial Securities US LLC are acting as additional bookrunners. Morgan Stanley & Co. LLC is acting as a co-manager.

LATAM, a company formed by the business combination of LAN Airlines S.A. of Chile and TAM S.A. of Brazil, is Latin America’s leading airline group with one of the largest route networks in the world.

Cleary has previously represented LATAM and its affiliates in Chile, Peru, Colombia, Ecuador, and the United States in the Chapter 11 process, as well as in its strategic partnership with Delta Air Lines, Inc. (Delta) in September 2019, pursuant to which Delta acquired a 20% stake in LATAM.