LATAM in $800 Million Global Bond Offering

Cleary Gottlieb represented LATAM Airlines Group S.A. (LATAM) in a $800 million global bond offering.

The transaction involved an offering of $800 million of 7.625% senior secured notes due 2031 issued by LATAM and guaranteed by certain of LATAM’s subsidiaries. The offering was conducted in the United States pursuant to Rule 144A of the Securities Act of 1933 and outside the United States in reliance on Regulation S.

The transaction launched on June 24, 2025, priced on June 26, 2025, and is expected to settle on July 7, 2025.

LATAM expects to use the proceeds of the offering, together with cash on hand, to redeem in full its $700 million senior secured notes due 2029. The 2029 notes were part of LATAM´s Chapter 11 exit financing.

Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., and Santander US Capital Markets LLC acted as lead bookrunning managers. Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., and Natixis Securities Americas LLC served as joint bookrunning managers.

LATAM and its subsidiaries are the leading airline group in Latin America, with presence in five domestic markets in the region: Brazil, Chile, Colombia, Ecuador, and Peru, in addition to international operations within Latin America and to Europe, Oceania, the United States, and the Caribbean.