LATAM, the largest air transport company in Latin America, told the Chilean securities regulator in a letter on Wednesday night that the new debtor-in-possession loan maintained “basically” the structure presented in July.
In a second tranche, several key LATAM shareholders, including the Cueto family, which controls the airline, and Qatar Airways, changed their offering from the $900 million convertible loan previously rejected by the judge amid opposition from other creditors to $750 million with $250 million additional financing from creditors led by Jefferies Group and $150 million from other LATAM shareholders or new investors.
The new proposal offers a loan maturity of 18 months and an annual interest rate of Libor plus 15%. It also requires LATAM to maintain at least $400 million in liquidity.
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