LATAM in $1.4 Billion Global Bond Offering

Cleary Gottlieb represented LATAM Airlines Group S.A. (LATAM) in a $1.4 billion global bond offering.

The transaction involved an offering of $1.4 billion of 7.875% senior secured notes due 2030 issued by LATAM and guaranteed by certain of LATAM’s subsidiaries. The offering was conducted in the United States pursuant to Rule 144A of the Securities Act of 1933 and outside the United States in reliance on Regulation S.

The transaction launched on September 26, 2024, priced on October 1, 2024, and was settled on October 15, 2024.

LATAM has used the proceeds of the offering, together with $200 million in cash on hand, to repay an existing $1,080.75 million Term Loan B facility and its $450 million senior secured notes due 2027. Both the Term Loan B and the notes were part of LATAM´s Chapter 11 exit financing.

Citigroup Global Markets Inc., Santander US Capital Markets LLC, J.P. Morgan Securities LLC, and Deutsche Bank Securities Inc. acted as lead bookrunning managers, while Barclays Capital Inc. and Goldman Sachs & Co. LLC served as joint bookrunning managers. BNP Paribas Securities Corp., MUFG Securities Americas Inc., and Natixis Securities Americas LLC acted as co-managers.

LATAM and its subsidiaries are the leading airline group in Latin America, with presence in five domestic markets in the region: Brazil, Chile, Colombia, Ecuador and Peru, in addition to international operations within Latin America and to Europe, Oceania, the United States and the Caribbean.