Volaris’s Equity Offering

Shearman & Sterling and Mijares, Angoitia, Cortés y Fuentes represented Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris”) in the offering, while Cleary Gottlieb and Ritch, Mueller, Heather y Nicolau represented the underwriters.

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, completed 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 Shearman & Sterling team advising Volaris included Antonia E. Stolper (Picture), Grissel Mercado, Anna Shepard, Larry Crouch, Eric Grosshandler, Daniel Kachmar, and Pedro de Elizalde.

In Mexico, Mijares, Angoitia, Cortés y Fuentes advised Volaris with Ricardo Maldonado Yañez, Francisco Glennie, Luis Monroy González, Pedro García Ampudia, José Ernesto De la Peña Aguilar and Jimena Domínguez.

The Cleary corporate team included partner Jorge Juantorena, associate Martin Simonis, and international lawyer Gabriela Gallo. Partner Meyer Fedida, counsel J.J. Gifford, and associate Hunter McWinn provided U.S. tax advice.

In Mexico, Ritch, Mueller, Heather y Nicolau, S.C. advised the underwriters with Luis Nicolau Gutiérrez, Gabriel Robles Beistegui and Luis Miguel Posadas Yáñez.

Involved fees earner: Meyer Fedida – Cleary Gottlieb Steen & Hamilton; Gabriela Gallo – Cleary Gottlieb Steen & Hamilton; J.J. Gifford – Cleary Gottlieb Steen & Hamilton; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; Hunter McWinn – Cleary Gottlieb Steen & Hamilton; Martin Simonis – Cleary Gottlieb Steen & Hamilton; José Ernesto de la Peña Aguilar – Mijares, Angoitia, Cortés y Fuentes, S.C.; Pedro García Ampudia – Mijares, Angoitia, Cortés y Fuentes, S.C.; Francisco Glennie Quiròs – Mijares, Angoitia, Cortés y Fuentes, S.C.; Ricardo Maldonado-Yáñez – Mijares, Angoitia, Cortés y Fuentes, S.C.; Luis Antonio Monroy González – Mijares, Angoitia, Cortés y Fuentes, S.C.; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Luis Miguel Posadas Yáñez – Ritch, Mueller, Heather y Nicolau, SC; Gabriel Robles Beistegui – Ritch, Mueller, Heather y Nicolau, SC; Larry Crouch – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Grissel Mercado – Shearman & Sterling; Anna Shepard – Shearman & Sterling; Antonia Stolper – Shearman & Sterling;

Law Firms: Cleary Gottlieb Steen & Hamilton; Mijares, Angoitia, Cortés y Fuentes, S.C.; Ritch, Mueller, Heather y Nicolau, SC; Shearman & Sterling;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Controladora Vuela Compania de Aviacion, S.A.B. de C.V. ; Evercore Inc.; Morgan Stanley; Santander Investment Securities Inc.;

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Author: Ambrogio Visconti