Alaska Air reprices loyalty term loan; rate set at SOFR + 1.75%

ALASKA AIR GROUP, INC.

First Amendment to $1.75B Loyalty Term Loan Facility dated Oct 2024; signed Aug 6, 2025.
Loans reprice to Term SOFR (0% floor) + 1.75% margin, or ABR (1% floor) + 0.75%.
Borrower: AS Mileage Plan IP, Ltd.; guarantors: Alaska Airlines, AS Mileage Plan Holdings, and Alaska Air Group.
Bank of America acts as replacement lender and administrative agent.
Repricing likely reduces interest expense; prior margin not disclosed.

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