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Project Financing for Expansion of Air Transport in Mexico


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IFC Risk Management Division is considering an additional Corporate Investment of up to $60.2 million to support the expansion of Concesionaria Vuela Compañia de Aviación S.A. de C.V., a Mexican low cost carrier operating under the “Volaris” brand (the “Company” or “Volaris”).

Volaris was established in March 2006 with IFC’support, and is currently Mexico’s third largest domestic carrier with a domestic market share of approximately 13%, and 3.5 million passengers transported in 2009. The project involves the acquisition of 14 new aircraft from Airbus to support the Company’s expansion under its 2010-2014 business plan, which anticipates the establishment of new domestic routes and international routes to the U.S. through an alliance with Southwest Airlines.

The Company is owned by Controladora Vuela Compañía de Aviación S.A. de C.V. which in turn is owned in equal share by:

Discovery Air Investments, L.P., an investment vehicle of Discovery Americas I, a Mexico focused private equity fund, and Columbia Equity Partners;

Blue Sky Investments, LLC, an investment vehicle of the Kriete Family Group which holds several investments, among the largest, Grupo TACA, one of the leading airlines in Latin America;

Sinca Inbursa, S.A. de C.V., an investment vehicle of Grupo Financiero Inbursa; a Mexican financial conglomerate involved in investment funds, general insurance, automobile insurance, mortgages, health insurance, retirement funds, and commercial banking; and

Corporativa Vasco de Quiroga, S.A. de C.V., an investment vehicle of Grupo Televisa S.A.B., the largest media company in the Spanish-speaking world.

Hindmarsh LLC t/as Hindmarsh Finance proposed an IFC Project Finance comprising: i) an IFC Revolving Credit Line of up to $50.2 million, of which $25.1 million in the form of a B Loan, for the financing of predelivery payments for the 14 new Airbus A319 aircraft, and ii) a $10 million Business Loan to finance part of the Company’s working capital needs as it expands operations to the U.S over the next coming four years.

Volaris’s main operational base is the Aeropuerto Internacional de Toluca, located about 50 km from Mexico City. Volaris currently serves 39 domestic routes throughout Mexico and 7 international routes from/to the U.S.


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