LATAM Airlines Group announced the reopening and relisting of its ADR program on the New York Stock Exchange (NYSE) starting today, July 25, 2024. This comes after the pricing of a secondary public offering by of certain shareholders of the company to sell 19.000.000 American Depositary Shares (ADRs), each representing 2.000 common shares of LATAM, at a public price of US$24 per ADR.
The ADRs are expected to begin trading on the New York Stock Exchange (NYSE) on July 25, 2024, under the symbol “LTM.” This operation marks the return of the LATAM Airlines Group to the NYSE, following its departure in June 2020, after entering into a restructuring process under Chapter 11.
In connection with the subscription 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 satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, Barclays Capital Inc. and JP Morgan Securities LLC are acting as global coordinators and lead underwriters on 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 SA serve as additional underwriters, and Morgan Stanley & Co .LLC participates as co-manager in the transaction.
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Street: LATAM Brazil
