DELTA AIR LINES, INC. (DAL): debt financing — Delta Air Lines enters into $2.65B amended credit facility with $360M standby LC

DELTA AIR LINES, INC.

New A&R Credit Facility includes $1.325B three-year revolver, $1.325B five-year revolver, and $360M standby letter of credit.
Facility has an accordion feature to increase aggregate commitments up to $3.65B subject to conditions.
Facility was undrawn at signing; proceeds are for general corporate purposes.
Pre-collateral release covenants require minimum liquidity of $2.0B and minimum collateral coverage ratio of 1.60:1.
Amends and restates prior credit agreement dated April 19, 2018.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DELTA AIR LINES, INC. incurred credit facility of $1.325 billion three-year revolving facility, a $1.325 billion five-year revolving facility, and a $360,078,361.60 three with JPMorgan Chase Bank, N.A. at adjusted term SOFR, or another index rate, in each case plus a specified margin.

Instrument: credit facility
Principal: $1.325 billion three-year revolving facility, a $1.325 billion five-year revolving facility, and a $360,078,361.60 three
Counterparty: JPMorgan Chase Bank, N.A.
Rate: adjusted term SOFR, or another index rate, in each case plus a specified margin
Event: incurrence

Exact text from the filing

collateral agent and the lenders party thereto and a separate increase joinder to the credit agreement (together, the “A&R Credit Facility”). The A&R Credit Facility contains a $1.325 billion three-year revolving facility, a $1.325 billion five-year revolving facility, and a $360,078,361.60 three-year standby letter of credit facility. Up to $250 million of each of

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.97

DELTA AIR LINES, INC. entered into A&R Credit Facility with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent and the lenders party thereto (effective 2023-11-06).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent and the lenders party thereto
Effective: 2023-11-06

Exact text from the filing

On November 6, 2023, Delta Air Lines, Inc. (“Delta,” “we,” “us” or “our”) entered into an amended and restated credit agreement among Delta, JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent and the lenders party thereto and a separate increase joinder to the credit agreement (together, the “A&R Credit Facility”).

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DELTA AIR LINES, INC. filing history →

Source: SEC EDGAR

accession 0001683168-23-007733

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