Latam Airlines SEC Filings

Sixth Street-affiliated holders disclosed an underwritten sale of LATAM ADSs and updated their Schedule 13D ownership. Lauca agreed to sell 3,750,000 American Depositary Shares at $42.35 per ADS to J.P. Morgan Securities LLC and Barclays Capital Inc. under an underwriting agreement, with the offering expected to close on August 18, 2025. The ADSs represent deposited common shares under the deposit agreement. The filing reports that the reporting persons jointly beneficially own 113,887,693,315 common shares, representing 19.8% of the outstanding common stock based on the calculation provided. Lauca entered a 30-day lock-up restricting transfers of the locked securities, and the Schedule 13D is otherwise unchanged except as supplemented by this amendment.

LATAM Airlines Group S.A. filed a prospectus supplement for a secondary offering of 18,000,000 ADSs at U.S.$42.60 per ADS, where each ADS represents 2,000 common shares. The selling shareholders will receive proceeds and the Company will not receive offering proceeds. The document reports stronger operating performance with net income of U.S.$598.4 million for the six months ended June 30, 2025 versus U.S.$405.2 million a year earlier, citing healthy demand. Key liquidity and leverage metrics are shown: Liquidity U.S.$3,643.6 million and Adjusted Net Leverage ranging to 4.0x in the presented periods. Non-IFRS measures such as Adjusted EBITDAR, Adjusted Operating Income, Fleet Cash Cost and Adjusted CASK Ex-Fuel are defined and reconciled. The prospectus also lists major shareholders and lock-up arrangements covering ~32% of shares, and notes material risks including competition, currency and fuel-price exposure.

LATAM Airlines Group is offering 15,000,000 American Depositary Shares (ADSs) held by selling shareholders; the Company will not receive proceeds from these sales. Each ADS represents the right to receive 2,000 common shares, and ADSs trade on the NYSE under ticker LTM. For the twelve months ended June 30, 2025, LATAM reported $13.4 billion in Total Operating Revenue (up 5.6%), $1.2 billion in net income (up 62.8%), $3.5 billion in Adjusted EBITDAR (up 24.5%), and an Adjusted Net Debt/Adjusted EBITDAR ratio of 1.6x. Liquidity totaled about $3.6 billion (27.2% of revenue). The company completed two share repurchase programs and returned $878 million to shareholders in 2025 year-to-date. LATAM also refinanced debt by issuing $800 million of 7.625% notes due 2031, expected to save ~$33 million annually but generating a one-time accounting charge of ~$104 million. The prospectus highlights many risk factors and discloses that several key performance measures are non-IFRS metrics and may not be comparable to peers.

Amendment No. 3 to Schedule 13D discloses that vehicles controlled by Sixth Street Partners Management Company, L.P. and Alan Waxman trimmed their stake in LATAM Airlines Group S.A. (ADS CUSIP 51817R205) via the issuer’s buy-back.

On 31 Jul 2025 Lauca Investments, LLC sold 11,552,776,680 common shares to LATAM at CLP $19.00 (≈ US$0.020415) per share. After this transaction, the reporting persons hold 121,387,693,315 shares with shared voting and dispositive power, equating to 21.1 % of the 574,219,895,457 shares now outstanding.

The filers report no other plans or proposals under Item 4(a-j) and confirm that all other information in prior filings (original 13D: 3 Nov 2022; Amendments 1–2) remains unchanged.