Shearman & Sterling represented Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris”), an ultra-low-cost airline based in Mexico, in connection with a secondary follow-on equity offering that closed on November 16, 2015 in which certain selling shareholders, including Blue Sky Investments and affiliates of Discovery Americas, offered 99,000,000 of Volaris' 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 $16.00 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 9,900,000 additional CPOs in the form of ADSs to cover over-allotments. Each ADS represents 10 CPOs and each CPO represents a financial interest in one Series A share of Volaris' common stock.
Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Evercore Group L.L.C. and UBS Securities LLC acted as underwriters in connection with the offering.
The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets); associates Grissel Mercado (New York-Capital Markets), Yoon-jee Kim (New York-Capital Markets), Jeffrey Tate (Washington, DC-Tax), Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory), and Jenny Ding (New York-Financial Institutions Advisory & Financial Regulatory); and visiting attorney trainee Alejandro Garcia (New York-Capital Markets).