Volaris, the ultra-low-cost airline in Mexico, U.S. and Central America, successfully completed the issuance of 15 million asset backed trust notes (certificados bursátiles fiduciarios) (the "Trust Notes") under ticker VOLARCB 19 for an amount of Ps$1.5 billion through an irrevocable trust created by Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (“Concesionaria Vuela”), with CIBanco, S.A., Institución de Banca Múltiple. This is the first issuance under a program approved by the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) for an amount of up to Ps$3 billion. The Trust Notes are 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 (Bolsa Mexicana de Valores, S.A.B. de C.V).
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 and will have a maturity of five years and will pay an interest rate of TIIE + one hundred and seventy five (175) basis points. Concesionaria Vuela will use one hundred percent (100%) of the net proceeds received as consideration, for general corporate purposes. The underwriter was Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer.
Volaris Securitization
HIGHLIGHT10 January 2020