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Latam Airlines gets approval of $750 million tranche B DIP facility
By Sarah Lizee
Olympia, Wash., Oct. 19 – Latam Airlines Group, SA received court approval to access a $750 million tranche B debtor-in-possession facility, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.
The tranche B facility is in addition to the company’s existing DIP credit facilities, which now total $3.2 billion.
The tranche B lenders are Oaktree Capital Management LP and Apollo Management Holdings, LP and their affiliates.
Bank of Utah is the administrative agent and collateral agent, Banco Santander Chile is the Chile local collateral agent, TMF Brasil Administracao e Gestao de Ativos Ltda. is the Brazil local collateral agent, TMF Columbia Ltda. is the Columbia local collateral agent, TMF Ecuador, SA is the Ecuador local collateral agent, and Fiduperu SA Sociedad Fiduciaria is the Peru local collateral agent.
Interest on the tranche B facility is Libor plus 700 basis points for loans paid in cash and Libor plus 750 bps for loans paid in kind.
The tranche B facility is set to mature in 18 months.
Latam Airlines is a Santiago, Chile-based airline. The company filed bankruptcy on May 25, 2020 under Chapter 11 case number 20-11254.
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