Delta Air Lines intends to commence a private offering to eligible purchasers of US$1.5 billion in aggregate principal amount of senior secured notes due 2025, subject to market and other conditions. The Company also announced it intends to enter into a new US$1.5 billion Term Loan B facility due 2023 concurrently with the closing of the offering of the Notes.
The Company intends to use the net proceeds from the offering of the Notes and borrowings under the New Credit Facility for general corporate purposes and to bolster its liquidity position. The final terms and amounts of the Notes and the New Credit Facility are subject to market and other conditions and may be materially different than expectations.
The offering of the Notes is not contingent upon the closing of the New Credit Facility. The Notes and New Credit Facility will be pari passu obligations secured on a first priority basis by a diverse pool of slots, gates and routes collateral comprised of domestic slots at New York-JFK, New York-LaGuardia and Reagan National Airport, slots at Heathrow, London routes, other European and Latin American routes.
