<SEC-DOCUMENT>0000903423-19-000345.txt : 20200130
<SEC-HEADER>0000903423-19-000345.hdr.sgml : 20200130
<ACCEPTANCE-DATETIME>20191219155446
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000903423-19-000345
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Copa Holdings, S.A.
		CENTRAL INDEX KEY:			0001345105
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			R1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000
		BUSINESS PHONE:		011 507 227 2522

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 66px; width: 253px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">December 19, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">VIA EDGAR TRANSMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Office of Energy &amp; Transportation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.5pt"></TD><TD STYLE="width: 37.5pt">Re:</TD><TD>Copa Holdings, S.A.<BR>
Form 20-F for the Fiscal Year Ended December 31, 2018</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">Filed April 24, 2019</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">File No. 001-32696</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">By letter dated December
6, 2019 (the &#8220;Comment Letter&#8221;), the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the
&#8220;SEC&#8221;) provided certain comments on the annual report on Form 20-F for the fiscal year ended December 31, 2018, as
filed on April 24, 2019 (the &#8220;2018 Form 20-F&#8221;) by Copa Holdings, S.A. (the &#8220;Company&#8221;). The Company today
is submitting herewith, via EDGAR, responses to the Staff&#8217;s comments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For convenience, we have reproduced below the
Staff&#8217;s comment in bold and have provided the Company&#8217;s response immediately below the comment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>We note that you report having $8.9 billion in aircraft and engine purchase commitments as of December 31, 2018, although
in the second paragraph on page 50, and in financial statement Note 27 on page F-65, you indicate this amount is based on aircraft
list prices, rather than the specific terms of your agreements.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>The disclosures you provide under Item 5.F of Form
20-F should reflect the amounts you are required and expect to pay under your purchase obligations, and should include details
of any provisions that are necessary to understand any material uncertainty or variability in the timing and amounts of the specified
obligations.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>The disclosures that you provide in your financial
statements should also include the actual amounts of contractual commitments for the acquisition of property, plant and equipment
to comply with paragraph 74(c) of IAS 16.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Please describe the measures you will take to
ensure that future disclosures conform with these requirements. Tell us the amounts of aircraft and engine purchase
commitments as of December 31, 2018, and describe the changes you propose for the table of contractual obligations and
the corresponding note to your financial statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company has historically presented
information in its contractual commitments table under Item 5.F of Form 20-F and in its financial statements using list prices
for aircraft. The Company believed this was reasonable because list prices have been a widely used industry benchmark for establishing
the value of commercial aircraft transactions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As per your request, the Company will
modify the way it has historically presented its purchase commitments in its annual report on Form 20-F for 2019 to provide the
contractual payments under its purchase obligations, including estimated amounts for escalation. In addition, disclosures will
include details of any provisions that are necessary to understand any material uncertainty or variability in the timing and amounts
of the specified obligations. The Company believes that disclosing estimated payments under aircraft and engine purchase commitments
based on contractual obligations net of discounts and pre-delivery payments, including estimated amounts for contractual price
escalation, will meet the Company&#8217;s obligations under Item 5.F of Form 20-F. Further, the Company will disclose its actual
commitments for the acquisition of airframe and engines in its financial statements to better align with paragraph 74(c) of IAS
16. As of December 31, 2018, this amount would have been approximately $3.2 billion.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">However, in making the above-mentioned
modifications the Company notes that all of its purchase commitments arise from firm orders with The Boeing Company for the acquisition
of 67 Boeing 737 MAX aircraft and related engines. These commitments are currently suspended while the Boeing 737 MAX aircraft
remain grounded by aviation regulators. As a result, the commitments to be disclosed under Item 5.F of Form 20-F and the Company&#8217;s
financial statements are dependent on The Boeing Company&#8217;s ability to obtain approval from aviation regulators for the Boeing
737 MAX aircrafts to resume operations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>********</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Thank you for your consideration of the
Company&#8217;s responses. If you or any other member of the Staff has any further questions or comments concerning the response,
or if you require additional information, please do not hesitate to contact Jose Montero, Chief Financial Officer, at 011 (507)
304 2555 or Juan Alvarado, Corporate Finance Director, at 011 (507) 304 2681.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in 3in; text-align: justify; text-indent: 0.5in">Very truly
yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"><u>/s/ Jose Montero&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Mr. Jose Montero</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Chief Financial Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Copa Holdings, S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">cc:&#9;<BR>
Duane McLaughlin</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.5in"><I>Cleary Gottlieb Steen &amp; Hamilton LLP</I></P>


</TEXT>
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