Mexico's Volaris airline has successfully completed the issuance of 15 million asset backed trust notes to be issued under the ticker VOLARCB 19 for an amount of Ps$1.5 billion ($78.3 million).
Issued by CIBanco, S.A., Institución de Banca Múltiple, acting as trustee under the Irrevocable Trust number CIB/3249 created by Concesionaria Vuela Compañía de Aviación, in the first issuance under a program approved by the Mexican National Banking and securities commission for an amount of up to Ps$3 billion ($156.7 million).
The trust notes will be backed by future receivables under the agreements entered into with the credit card processors with respect to funds coming from the sale of airplane tickets and ancillaries denominated in Mexican Pesos, through credit cards VISA and Mastercard in its website, mobile app and travel agencies.
The trust notes were successfully listed on the Mexican Stock Exchange.
The trust notes are rated "HR AA+ (E)" y "AA+ / M (e)" by the rating agencies HR Ratings de México, S.A. de C.V. and Verum Calificadora de Valores, S.A.P.I. de C.V., respectively. These will have a maturity of five years and will pay an interest rate of TIIE + 175 percentage points.
Concesionaria Vuela will use 100% of the net proceeds for general corporate purposes. The placement broker was Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer.