$DAL · DELTA AIR LINES, INC.
Delta Air Lines completed a $500M public offering of 5.500% Notes due November 6, 2029, issued under its automatic shelf registration. Proceeds will repay approximately $391M of Payroll Support Program loan borrowings, $70M of aircraft-secured equipment notes, and about $39M of Class B Pass Through Certificates, with the remainder for general corporate purposes. The notes are unsecured, unsubordinated, and rank pari passu with other unsubordinated debt.
- $500M aggregate principal of 5.500% Notes due November 6, 2029.
- Proceeds repay ~$391M Payroll Support Program loan, $70M equipment notes, and $39M Class B certificates.
- Interest payable semi-annually on May 6 and November 6, beginning May 6, 2027.
- Notes redeemable at par (100%) on or after October 6, 2029.
- Change of Control plus downgrade below investment grade triggers repurchase offer at 101%.
Price data unavailable.
A routine balance-sheet refinancing that swaps legacy pandemic-era and secured debt for new unsecured notes.
_Not applicable._
The notes are unsecured and unsubordinated, ranking pari passu with existing unsubordinated debt; a Change of Control coupled with a two-notch downgrade below investment grade would force a repurchase offer at 101%.