TAM Airlines

completed

TAM provides scheduled air transportation in both the Brazilian domestic market and the international market through its operating subsidiaries TAM Linhas Aéreas and TAM Mercosur. According to data provided by the Brazilian Department of Civil Aviation (DAC), the company is the leading airline in the domestic market, with a 44.3% market share as of August 31, 2005, as measured in revenue passenger kilometers. TAM offers frequent and direct flights to and from all major domestic Brazilian airports at competitive prices, serving the largest number of destinations in Brazil of all Brazilian airlines, and operate scheduled passenger and cargo air transport routes to 44 cities, in addition to a further 29 domestic destinations that the company serves through regional alliances with other airlines. The company also directly serves ten international destinations and provides connections to other destinations through commercial agreements with American Airlines, Air France and certain other airlines. In 2004, the company carried approximately 12 million passengers on domestic flights and 1 million passengers on international flights, averaging 435 take-offs per day.The project is a $50 million loan comprising: - a $25 million revolving facility for pre-delivery purchase (PDP) financing of Airbus 320 family aircraft it intends to obtain between 2005 and 2010, and - a $25 million corporate loan for ongoing operational requirements.