By Sarah Lizee
Olympia, Wash., June 6 – Chile’s Latam Airlines Group SA placed 5 million unidades de fomento of 2.73% 10-year bonds, series E (//BBB+), according to a news release.
Credicorp Capital and Santander were placing agents.
The company said it issued the bond in Chile’s capital market as part of a Dutch auction, a first for Latam on the Santiago stock exchange, Bolsa de Comercio de Santiago.
The interest rate represents a spread of 201 basis points over the reference rate, running 67 bps during the auction for the subscription rate.
“The transaction was completed in a context of favorable market conditions, taking advantage of lower interest rates and high liquidity, in addition to strong interest from institutional clients,” the company said in the release.
“As a result, the series E was received with surplus demand, approximately 2.0 times greater, mainly consisting of pension funds and mutual funds among others.”
The airline is based in Santiago.
| Issuer: | Latam Airlines Group SA
|
| Issue: | Bonds, series E
|
| Amount: | 5 million UF
|
| Maturity: | 10 years
|
| Agents: | Credicorp Capital and Santander
|
| Coupon: | 2.73%, payable monthly
|
| Announcement date: | June 6
|
| Rating: | Fitch: BBB+
|
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