TELETRADER News
9/14, 1:38 PM (Source: TeleTrader)
more TeleTrader news

Delta Air Lines enters term loan for aggregate $6.5B

Delta Air Lines filed to sell $6.5 billion senior secured notes offering and term loan facility and plans to use the loyalty SkyMiles program as collateral. The company also announced it will not seek a $4.6 billion loan from the United States government that is granted under the CARES act.

Delta will use these assets for its corporate aims and to boost liquidity, it said. During the coronavirus pandemic, US companies have been borrowing at record levels.

The company also said it intends to commence a private offering to eligible purchasers of $1.5 billion in aggregate principal amount of senior secured notes due 2025. It added it plans to enter into a new $1.5 billion Term Loan B facility due 2023 with the closing of the offering of the notes.

Breaking the News / TF