Simpson Thacher represented the initial purchasers, led by Citigroup Global Markets Inc., in connection with the private offering by LATAM Airlines Group S.A. (“LATAM”) of $1,400 million aggregate principal amount of 7.875% Senior Secured Notes due 2030 pursuant to Rule 144A and Regulation S. The net proceeds of the offering, together with cash on hand, were used to repay LATAM’s existing term loan facility and to redeem in full LATAM’s 13.375% Senior Secured Notes due 2027.
LATAM is the largest airline group in South America and one of the ten largest airline groups in the world, as measured by the number of flights operated. It is also the largest air cargo carrier in South America, as measured by cargo fleet. LATAM provides passenger transport services to 146 destinations in 26 countries and cargo services to 160 destinations in 32 countries, with an operating fleet of 340 aircraft.
The Simpson Thacher team included John C. Ericson, Juan Francisco Mendez, Adriana Estor-Restrepo, Christopher Flynn and Sebastian Edin (Capital Markets); Jessica Tuchinsky, Soogy Lee, Mari Zaldivar and Jason Tsudik (Banking & Credit/Collateral); Jacob Durkin (Banking & Credit – London); Michael Mann and Preston Irace (Tax); Paige Brinton and Christian Bond (Intellectual Property); Jeanne Annarumma (ERISA); J. Pasco Struhs (ECEB); and Jennie Getsin (Blue Sky).