ATLANTA (dpa-AFX) - Delta Air Lines, Inc. (DAL) said Thursday it has upsized and priced the previously announced private offering by the airline and its indirect wholly owned subsidiary, SkyMiles IP Ltd.
Delta Air Lines expects an aggregate of $2.5 billion in principal amount of 4.5 percent senior secured notes due 2025 and an aggregate of $3.5 billion in principal amount of 4.75 percent senior secured notes due 2028 to be issued on September 23, 2020, subject to customary closing conditions.
The notes will be issued at a price to investors of 100 percent of their principal amount.
Concurrently with the issuance of the notes, Delta and SkyMiles IP Ltd. expect to enter into a credit agreement providing for a term loan facility of $3.0 billion.
In total, the notes and new credit facility will provide gross proceeds of $9.0 billion, representing an increase of $2.5 billion from the anticipated original $6.5 billion deal size, at a blended average annual rate of 4.75 percent.
Copyright RTT News/dpa-AFX
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