TAM Looks To International Investors

Brazilian TAM, the country’s second-largest airline, is planning to raise around $928 million via a sale of shares to international investors. The company filed with the US Securities and Exchange Commission to sell 35.6 million preferred shares in a global offering, including preferred shares in the form of ADRs to be traded on the New York Stock Exchange. The money raised will be used to upgrade TAM’s fleet, the company said. In June last year, the airline raised $179.7 million via a share sale to US and local investors, using the proceeds to increase the number of aircraft.