250000000 Avianca Holdings Sa

$250,000,000 AVIANCA HOLDINGS S.A. 8.375% Senior Notes due 2020 Avianca Leasing, LLC and Grupo Taca Holdings Limited, as co-issuers We are offering US$250 million in aggregate principal amount of our 8.375% Senior Notes due 2020, or the New Notes. The New Notes will be additional notes issued under the indenture, dated as of May 10, 2013, pursuant to which we initially issued US$300 million in aggregate principal amount of our 8.375% Senior Notes due 2020, or the Initial Notes. Upon the consummation of this offering, the aggregate principal amount of our 8.375% Senior Notes due 2020 will be US$550 million. The New Notes will have terms and conditions identical to the Initial Notes, other than the issue date and issue price, and will constitute part of the same series as, and vote together as a single class with, the Initial Notes. The New Notes and the Initial Notes will share the same ISIN and CUSIP numbers and be fungible, except that the New Notes offered and sold in offshore transactions under Regulation S shall be issued and maintained under temporary ISIN and CUSIP numbers during a 40-day distribution compliance period commencing on their issue date. References herein to the “Notes” refer to the New Notes and the Initial Notes, collectively, unless the context otherwise requires. Interest on the Notes is payable on May 10 and November 10 of each year, beginning, in the case of the New Notes, on May 10, 2014. The Notes will mature on May 10, 2020. We may redeem some or all of the Notes at any time on or after May 10, 2017 at the prices and as described under the caption “Description of New Notes—Redemption—Optional Redemption—General.” In addition, prior to May 10, 2016, we may redeem up to 35% of the Notes from the proceeds of certain equity offerings. In addition, at any time prior to May 10, 2017, we may redeem some or all of the Notes at a price equal to 100% of the principal amount, plus a “make-whole” premium, plus accrued and unpaid interest, if any, on the Notes to, but not including, the redemption date. A partial redemption may not result in less than US$100 million aggregate principal amount of the Notes remaining outstanding after such redemption. The Notes may also be redeemed in whole, but not in part, upon the occurrence of specified events relating to tax laws, as described under the caption “Description of New Notes—Redemption—Tax Redemption.” The Initial Notes are, and the New Notes will be, fully and unconditionally guaranteed by three of our subsidiaries, Taca International Airlines S.A., or Taca International, Líneas Aéreas Costarricenses, S.A., or LACSA, and Trans American Airlines S.A., or Taca Peru. Avianca Leasing, LLC’s obligations as a co-issuer of the Initial Notes are unconditionally guaranteed by our subsidiary Aerovías del Continente Americano – Avianca S.A., or Avianca, in an amount equal to US$200 million. Following the issuance of the New Notes, Avianca Leasing, LLC’s obligations as a co-issuer of the Notes will be unconditionally guaranteed by Avianca, in an amount equal to US$375 million. The Notes and guarantees are senior unsecured obligations of the co-issuers and the guarantors, respectively, and rank pari passu in right of payment with all of their other respective present and future unsecured obligations that are not expressly subordinated in right of payment to the Notes or the guarantees, as the case may be (other than obligations preferred by law, such as tax and labor obligations). See “Description of New Notes.” Investing in the Notes involves certain significant risks. See “Risk Factors” beginning on page 16. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the Securities Act. Prospective purchasers that are qualified institutional buyers are hereby notified that the sellers of the New Notes may be relying on an exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A under the Securities Act. Outside the United States, the offering is being made in reliance on Regulation S under the Securities Act. There is currently no market for our New Notes. The Existing Notes are listed, and we will apply to list the New Notes, on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF Market. Price for Notes: 104.500% plus accrued and unpaid interest from and including November 10, 2013. We expect that the New Notes will be ready for delivery in book-entry form through The Depository Trust Company, or DTC, and its direct and indirect participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, or Euroclear, and Clearstream Banking S.A. Luxembourg, or Clearstream, Luxembourg, on or about April 8, 2014. Joint Bookrunners Citigroup J.P. Morgan The date of this offering memorandum is April 1, 2014 TABLE OF CONTENTS Presentation of Financial and Other Information .........................................................................................................iv Market Data...................................................................................................................................................................v Glossary of Operating Performance Terms.................................................................................................................vii Special Note about Forward-Looking Statements......................................................................................................viii Summary .......................................................................................................................................................................1 Risk Factors.................................................................................................................................................................16 Use of Proceeds...........................................................................................................................................................49 Capitalization ..............................................................................................................................................................50 Selected Financial and Operating Data .......................................................................................................................51 Management’s Discussion and Analysis of Financial Condition and Results of Operations......................................56 Industry .......................................................................................................................................................................91 Business.......................................................................................................................................................................98 Regulation .................................................................................................................................................................132 Management..............................................................................................................................................................148 Certain Relationships and Related Party Transactions..............................................................................................155 Description of New Notes .........................................................................................................................................160 Form of Notes............................................................................................................................................................178 Exchange Rates and Foreign Exchange Controls......................................................................................................183 Income Tax Consequences........................................................................................................................................186 Transfer Restrictions .................................................................................................................................................189 Plan of Distribution ...................................................................................................................................................193 Legal Matters.............................................................................................................................................................199 Independent Auditors ...............................................................................................................................................199 Enforcement of Foreign Judgments...........................................................................................................................199 Listing and General Information ...............................................................................................................................201 Index to Consolidated Financial Statements ............................................................................................................. F-1 _________________ We have not, and Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, or the initial purchasers, have not, authorized any other person to provide you with any information other than this offering memorandum. Neither we, the initial purchasers nor any of our or their affiliates are making an offer to sell or soliciting an offer to buy the New Notes in any jurisdiction where the offer or sale

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