Avianca ADS Land Below Range

Avianca ADS Land Below Range

Colombia Equity

Avianca has priced the debut of ADS representing preferred shares of the Avianca Holdings entity below the range, and should raise $408m. The total demand was not immediately available late Tuesday. The airline is selling 12.5m primary ADS and 14.7m secondary ADS, assuming a 15% all-secondary share greenshoe, at $15.00 each, according to people familiar with the transaction. The price comes versus a $17.00-$20.00 range, and a COP3,945 ($2.06) close Tuesday of the preferred shares, that suggested

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