---
schema_version: "secwatch.filing_event.v1"
accession: "0000766421-25-000034"
form_type: "8-K"
ticker: "ALK"
cik: "0000766421"
company_name: "ALASKA AIR GROUP, INC."
filed_at: "2025-08-06T23:59:59+00:00"
generated_at: "2026-05-17T20:12:19.906921+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000766421-25-000034
- form_type: 8-K
- ticker: ALK
- cik: 0000766421
- company_name: ALASKA AIR GROUP, INC.
- filed_at: 2025-08-06T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/766421/000076642125000034/0000766421-25-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/766421/000076642125000034/alk-20250806.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000766421-25-000034
- JSON: https://secwatch.observer/filing/0000766421-25-000034.json
- Plain text: https://secwatch.observer/filing/0000766421-25-000034.txt

## Key facts
- Debt Financings
  ALASKA AIR GROUP, INC. amended term loan with Bank of America, N.A., as administrative agent at Term SOFR plus an applicable margin of 1.75%.
  - Instrument: term loan
  - Counterparty: Bank of America, N.A., as administrative agent
  - Rate: Term SOFR plus an applicable margin of 1.75%
  - Event: amendment
  source text: The Amendment provides, among other things, for a repricing of the loans under the Loyalty Term Loan Facility. Pursuant to the Amendment, such loans will bear interest at a variable rate equal to Term SOFR (as defined in the Loyalty Term Loan Facility), subject to a floor of zero, plus an applicable margin of 1.75%
  evidence_url: https://www.sec.gov/Archives/edgar/data/766421/000076642125000034/0000766421-25-000034-index.htm

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