Avianca ADS Sale Takes Off

Avianca ADS Sale Takes Off

Colombia Panama Equity

Avianca has launched the equity sale marking the debut of the ADS representing preferred shares of the Avianca Holdings entity, targeting more than $500m in a November 5 pricing. The airline is offering 12.5m primary ADS and 14.7m secondary ADS at $17.00-$20.00 each, according to regulatory documents, meaning a $579m sale at the midpoint if a 15% all-secondary greenshoe is included. The shares represent 250.6m Avianca Holdings preferred shares. The secondary portion is to be sold by former Taca

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