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Maples and Calder Advises on LATAM Airlines' First EETC Issue

18 May 2015

LATAM Airlines Group S.A. ("LATAM"), the leading airline group in Latin America, announced that its private offering of two tranches of Enhanced Equipment Trust Certificates ("EETCs") priced on Thursday, 14 May 2015.  The deal met with such popularity, that it was immediately upsized to an aggregate amount of US$1,020,823,000.  Funds raised will be utilised to finance the carrier's upcoming 2015 and 2016 deliveries, comprised of 11 new Airbus A321-200 aircraft, two new Airbus A350-900 aircraft and four new Boeing 787-9 aircraft. 

"Maples and Calder is pleased to have been selected as Cayman Islands counsel to act in connection with this innovative financing by known market leaders," said Wanda Ebanks, asset finance partner in the law firm's Cayman Islands office. 

Together with associate, Shari McField, they advised LATAM in connection with the Cayman Islands legal aspects of the transaction, including the lease and financing arrangements in respect of the underlying aircraft to be acquired with the funds raised.  MaplesFS Limited also provides directors and corporate administration services to the Cayman Islands entities in the transaction. 

"The Maples group continues to be the service provider of choice for complex and unique finance transactions as demonstrated with this deal," said Mark Western, partner and global head of asset finance.  "We aim to add value; bringing our depth of market experience to each transaction, as well as our ability to holistically work with our clients.  Intrinsic in our mandate is the commitment to provide pragmatic, commercially acceptable and timely advice and support to our clients, across both legal and administrative functions." 

LATAM is the first airline in Latin America to issue EETCs.  The private offering consists of Class A and Class B Certificates.  Moody's and Standard & Poor's rate the two tranches A2 and Baa2, and A- and BBB-, respectively. 

Up to four Cayman Islands special purpose vehicles will participate in the transaction.

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