---
schema_version: "secwatch.filing_event.v1"
accession: "0000092380-23-000040"
form_type: "8-K"
ticker: "LUV"
cik: "0000092380"
company_name: "SOUTHWEST AIRLINES CO"
filed_at: "2023-08-04T23:59:59+00:00"
generated_at: "2026-06-12T06:49:09.711977+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Southwest Airlines amends revolving credit facility, extends maturity to Aug 2028

## Summary
- Extended maturity of revolving credit facility from Aug 2025 to Aug 4, 2028.
- Released all aircraft and other collateral; eliminated minimum liquidity covenant.
- Added Coverage Ratio financial covenant of 1.25:1 (option to reduce to 0.80:1 for two quarters).
- Loan commitments unchanged; no amounts outstanding as of Aug 4, 2023.
- Revised pricing margins and reduced commitment fees based on Index Debt Rating.

## SEC filing metadata
- accession: 0000092380-23-000040
- form_type: 8-K
- ticker: LUV
- cik: 0000092380
- company_name: SOUTHWEST AIRLINES CO
- filed_at: 2023-08-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/92380/000009238023000040/0000092380-23-000040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/92380/000009238023000040/luv-20230804.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000092380-23-000040
- JSON: https://secwatch.observer/filing/0000092380-23-000040.json
- Plain text: https://secwatch.observer/filing/0000092380-23-000040.txt

## Key facts
- Debt Financings
  SOUTHWEST AIRLINES CO amended revolving credit of Commitments unchanged; no amounts outstanding with syndicate of lenders at Based on Adjusted Term SOFR Rate (floor 1%) or alternate base rate, with margins maturing August 4, 2028.
  - Instrument: revolving credit
  - Principal: Commitments unchanged; no amounts outstanding
  - Counterparty: syndicate of lenders
  - Rate: Based on Adjusted Term SOFR Rate (floor 1%) or alternate base rate, with margins
  - Maturity: August 4, 2028
  - Event: amendment
  source text: On August 4, 2023, Southwest Airlines Co. (the “Company”) amended its revolving credit facility agreement with a syndicate of lenders expiring in August 2025 (the “A&R Credit Agreement”) to (i) extend the maturity to August 4, 2028, (ii) release all aircraft and other assets constituting collateral securing the loans made under the A&R Credit Agreement, (iii) delete all provisions and terminate all agreements, in each case, relating to the grant of such collateral, (iv) eliminate the role of “Collateral Agent” under the A&R Credit Agreement after giving effect to the amendment, terminations, and releases, (v) eliminate the minimum liquidity covenant, (vi) add a Coverage Ratio financial covenant, (vii) amend the Collateral Coverage Test covenant requiring that a pool of lien-free specified aircraft and related assets have a minimum aggregate appraised value, and add certain covenants with respect to such pool of assets, (viii) amend the pricing and fees, (ix) increase certain materialit
  evidence_url: https://www.sec.gov/Archives/edgar/data/92380/000009238023000040/0000092380-23-000040-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.