The airline holding said it had reached conditional agreements with various parties to provide funding for the plan which will require two tranches totaling USD900 million and USD316 million respectively.

The first tranche would also include a roll-up of USD220 million in existing commitments, as well as USD168.5 million of debt issued to Advent, LifeMiles’ 30% shareholder. In return for the portion of the debt and an additional USD26.5 million in cash, Avianca Holdings plans to acquire a 19.9% share from Advent with an option to buy the remaining 10.1% in the future. The group already controls the remaining 70% of LifeMiles.

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