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TAM Airlines
CEO: Marco Antonio Bologna
CFO: Libano Miranda Barroso Ownership: 54.7% owned by Amaro family, 45.3% public float
Bond deal: $300 million, 10-year Reg S/144A priced on April 20
Lead managers: Citi, UBS
Coupon: 7.375% |
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Credit crunch? What credit crunch? If the success of recent high-yield corporate bonds out of Latin America is anything to go by, investors are still falling over themselves to get their hands on the riskier end of the credit spectrum. One such credit is TAM, a Brazilian low-cost airline. In April, the company, which is rated BB, issued a highly successful $300 million, 10-year bond that capitalized on keen investor interest and a strong trading environment.
The deal will help TAM maintain its leading market position and face up to the challenges that the Brazilian aviation sector and local competitors pose, according to Libano Mirando Barroso, chief financial officer at the airline.
"In order to...
