Shearman And Sterling

News December 11, 2020

Shearman & Sterling Advises Volaris on Equity Offering

Shearman & Sterling represented Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris”), an ultra-low-cost airline serving Mexico, the United States and Central America, in connection with a primary follow-on equity offering that closed on December 11, 2020 in which Volaris offered 134,000,000 of its Ordinary Participation Certificates (Certificados de Participación Ordinarios), or CPOs, in the form of American Depositary Shares, or ADSs, at a price to the public of $11.25 per ADS in the United States and other countries outside of Mexico, pursuant to Volaris’ shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). In connection with the offering, the underwriters exercised their option in full to purchase 20,100,000 additional CPOs in the form of ADSs. Each ADS represents 10 CPOs and each CPO represents a financial interest in one Series A share of Volaris’ common stock. Volaris currently intends to use the net proceeds from the offering for general corporate purposes. 

Morgan Stanley & Co. LLC, Evercore Group L.L.C., Santander Investment Securities Inc., Citigroup Global Markets Inc. and BofA Securities, Inc. acted as underwriters in connection with the offering.

The team below also included visiting attorney Pedro de Elizalde.