Latam Launches Rights Offer

Latam Airlines has opened the rights offering period for an equity capital raise, it says, running through December 19. The airline has set a price of $15.17 per share, meaning a total of $963m for the 63.5m shares on offer. The shares closed at CLP8,306 ($15.88) Wednesday, and ADR at $15.99. Latam arrived at the price based on a weighted average of transactions from the previous eight days, minus a 7.5% discount. The airline is raising funds for fleet enhancement and other purposes. JPMorgan is global coordinator and BTG Pactual and Credicorp are joint bookrunners.