Copa Holdings Sells Secondary Equity

Panama-based airline operator Copa Holdings has issued 1.84m shares to raise $103m. CIASA, a 29% shareholder in Copa Holdings, is divesting 1.6m units and granted sole underwriter Morgan Stanley the option to sell an additional 240,000, which the bank exercised. The shares priced at $56.00 late Thursday, a 1.8% discount to the $57.04 closing price. Copa Holdings controls Copa SA, based in Panama, AeroRepublica, based in Colombia and a leasing unit based in the Virgin Islands. Copa Holdings will not receive any proceeds from the offering.