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Delta Air Lines has announced an upsize and pricing for a private offering, totaling $9.0 billion in gross proceeds. This includes $2.5 billion in 4.5% senior secured notes due 2025 and $3.5 billion in 4.75% senior secured notes due 2028. The issuance is set for Sept. 23, 2020, alongside a $3.0 billion new credit facility. The offering enhances Delta's financial position amid the ongoing challenges from the COVID-19 pandemic.
Delta Air Lines (NYSE:DAL) has announced a proposed private offering of senior secured notes and a senior secured term loan facility, collectively valued at $6.5 billion. These will be co-issued with SkyMiles IP Ltd., a subsidiary of Delta, and are secured by Delta’s SkyMiles program. The net proceeds are intended for general corporate purposes and to strengthen Delta's liquidity. The offering is aimed at qualified institutional buyers and adheres to regulatory exemptions. However, the final terms depend on market conditions.
Delta Air Lines (NYSE:DAL) will present at the Morgan Stanley Virtual 8th Annual Laguna Conference on September 17, 2020, at 4:30 p.m. ET. A live webcast of the event will be accessible on ir.delta.com. Delta, a leader in airline safety and innovation, emphasizes health and safety measures during the COVID-19 pandemic, ensuring a secure travel experience. Known for its operational excellence and customer service, Delta aims to connect cultures globally and acts as a force for social good.
Delta Air Lines reported a staggering $3.9 billion adjusted pre-tax loss for Q2 2020, a significant decline due to the COVID-19 pandemic, which resulted in a 91% drop in adjusted revenue to $1.2 billion. The airline reduced its daily cash burn by over 70% to $27 million in June, achieving a total liquidity of $15.7 billion. Despite operational challenges, Delta aims to achieve breakeven cash burn by year-end 2020. The company is also restructuring its fleet, accelerating retirements of specific aircraft models to adapt to reduced demand.
