Latam Airlines Relists ADRs on NYSE

LATAM Airlines Group S.A. (NYSE: LTM), a major South American passenger and cargo airline group has announced the return of the listing of its American Depositary Receipts (ADR) on the New York Stock Exchange (NYSE) effective July 25, 2024. This follows the pricing of a secondary public offering by certain shareholders to sell 19 million ADRs, each representing 2,000 common shares of LATAM, at a public price of $24 per ADR.

The ADRs began trading on the NYSE on July 25, 2024, under the ticker symbol “LTM.” This marks LATAM Airlines Group’s return to the NYSE after its departure in June 2020, which occurred due to a restructuring process under Chapter 11.

As part of the subscription offer, the selling shareholders have granted underwriters a 30-day option to purchase up to an additional 2.85 million 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 customary closing conditions.

Goldman Sachs & Co. LLC, Barclays Capital Inc., and J.P. Morgan Securities LLC are acting as global coordinators and lead bookrunners for 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 S.A. are serving as additional bookrunners, with Morgan Stanley & Co. LLC participating as co-manager in the transaction.