Latam Airlines Mandate for Follow-On

Latam Airlines has mandated JPMorgan as global coordinator and BTG Pactual and Credicorp Capital as joint bookrunners on its $1bn equity offering. The board approved the issue of 63.5m shares earlier in the month, to raise funds for fleet enhancement, financial development, executive compensation among other uses. The firm’s shares were trading at $16.10 Wednesday. Given equity markets are set to stay quiet until early September, the transaction is unlikely to proceed until after the summer, LatinFinance understands. The airline, formed after the merger of Chile’s Lan and Brazil’s Tam in June 2012, is rated BB by S&P.