Loan & DebtJun 12, 2026, 04:37 PM
Delta Air Lines Secures New $2.65B Revolving Credit Facility
AI Summary
Delta Air Lines, Inc. entered into a new $2.65 billion revolving credit facility on June 11, 2026, which refinances its existing credit agreement. The proceeds will be used for refinancing and general corporate purposes. The facility includes a $1.325 billion three-year tranche and a $1.325 billion five-year tranche, with an accordion feature allowing an increase up to $3.65 billion. The Credit Facility was undrawn at the time of entry and contains customary covenants, including minimum fixed charge and asset coverage ratios.
Key Highlights
- Delta Air Lines entered into a new $2.65 billion revolving credit facility.
- The facility refinances the existing credit agreement and is for general corporate purposes.
- It comprises a $1.325 billion three-year tranche and a $1.325 billion five-year tranche.
- The facility includes an accordion feature to increase commitments up to $3.65 billion.
- Up to $250 million of each tranche can be used for letters of credit.
- Requires maintaining a Minimum Fixed Charge Coverage Ratio of 1.25:1.
- Requires maintaining a Minimum Asset Coverage Ratio of 1.25:1.
- The Credit Facility was undrawn at the time of entry.
Price Impact
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