Simpson Thacher represented Avianca Group in connection with its offer to exchange any and all of its 9.000% Tranche A-1 Senior Secured Notes due 2028 (the “A-1 Exit Notes”) for newly issued 9.000% Senior Secured Notes due 2028 (the “Exchange 2028 Notes”) and the related consent solicitation. With over 99% acceptance rate in the exchange offer, Avianca stripped the collateral and guarantees and substantially all the covenants from its existing A-1 Exit Notes and issued approximately $1.1 billion aggregate principal amount of Exchange 2028 Notes. In addition, Simpson Thacher represented Avianca in connection with its concurrent offering of $1.0 billion aggregate principal amount of its Senior Secured Notes due 2030 (the “New 2030 Notes”). Avianca used the proceeds from the New 2030 Notes to redeem its 9.000% Tranche A-2 Senior Secured Notes due 2028 (the “A-2 Exit Notes”) and prepay its LifeMiles Credit Facility.
Avianca comprises a leading group of airlines providing passenger air travel, loyalty and cargo services in South America, Central America, North America and Europe and is the leading airline in Colombia and Central America.
The Simpson Thacher team included Juan Francisco Mendez, Alejandro de Ramon-Laca, Isabel de Carvalho, Jomar Vargas and Laura Ribero (Latin America); Roxane Reardon, Matthew Hart, Kirsten Harmon and Kelly Johnson (U.S. Capital Markets); Jonathan Pall and Soogy Lee (U.S. Credit and Collateral); Deborah Harris, Jenny Leung, Li Lin and Tom Lort (U.K.); Michael E. Mann and Sefia Jivraj (Tax); and Alexander Franchilli, Ron Ben-Yehuda, Dewey Kang and Courtney Welshimer (IP).