Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 153

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4A
Chunk 153
---
.2 million; which were partially offset by proceeds from financial debt (working capital) of U. S. $17.5 million and
the proceeds from our financial debt of U. S. $137.9 million related to our revolving credit facility with Santander and Bancomext.

  100  

  Table of Contents  

Loan Agreements

A revolving credit facility with Santander and Bancomext,
was signed on July 27, 2011, as amended and restated on August 1, 2013, and as further amended on February 28, 2014, and November 27,
2014, under which we were a guarantor, to provide financing for pre-delivery payments in connection with our purchase of A320 family aircraft.
On August 25, 2015, we entered into an additional amendment to such loan agreement to finance pre-delivery payments of additional A320
aircraft. In November 2016, we entered into an additional amendment to such loan agreement to finance the pre-delivery payments for the
remaining A320 aircraft under the Airbus purchase agreement. In December 2017, we entered an additional amendment to extend the term of
the loan agreement to November 2021. In November 2018, we entered an amendment to extend the term of the loan agreement to May 2022. Finally,
we entered into one further amendment to this loan agreement in October 2020 to extend the term to October 2022.

The aggregate principal amount of this revolving facility
was for up to U. S. $183.0 million, of which U. S. $103.7 million were provided by Santander and U. S. $79.3 million by Bancomext with a
floating annual interest rate of three-month LIBOR plus a spread of 260 basis points. As of October 2022, this credit facility expired.

A revolving credit facility with Santander and Bancomext was
signed on June 8, 2022, under which we are a guarantor, to provide financing for pre-delivery payments in connection with our purchase
of A320 family aircraft. This revolving credit facility bears a floating annual interest rate of three-month SOFR plus a spread of 298
basis points and a five-basis points adjustment linked to sustainability goals. On August 31, 2023, the interest rate increased by five
basis points, with the possibility of reducing the additional rate if the objectives are met in the upcoming years