Latam Airlines SEC Filings

Strategic Value Partners and related entities filed Amendment No. 6 to a Schedule 13D reporting transactions in LATAM Airlines Group S.A. (ADS ticker LTM). The filing states that on August 13, 2025 the Funds entered into an Underwriting Agreement to sell 14,250,000 American Depositary Shares (each ADS represents 2,000 common shares) to J.P. Morgan Securities LLC and Barclays Capital Inc. at $42.35 per ADS, in an offering scheduled to close August 18, 2025. The ADSs were issued by JPMorgan Chase Bank under the Deposit Agreement. The Funds agreed to a customary lock-up restricting dispositions of shares from August 16, 2025 through 30 days after the final prospectus. The cover pages show aggregate shared voting and dispositive power of 41,007,576,002 ADS-equivalent votes, representing 6.8% of the class based on 604,441,789,335 common shares outstanding.

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.