Alaska Air Group prices $500M 6.5% notes due 2031, adds $500M incremental term loan

ALASKA AIR GROUP, INC.

Pricing of $500M 6.5% senior notes due 2031, fully and unconditionally guaranteed by Alaska Air Group.
Incurrence of $500M incremental senior secured term loan by subsidiary AS Mileage Plan IP Ltd.
Both financings expected to close on or about May 12, 2026, subject to customary conditions.
Proceeds from term loan will fund reserve and collection accounts; proceeds from notes used for general corporate purposes.
Term loan secured by loyalty program (Atmos Rewards) collateral, pari passu with existing $1.25B loyalty notes.

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