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Get filing alertsDelta Air Lines completes $500M 5.500% notes offering to refinance existing debt
Filed November 6, 2026 · Period ending November 6, 2026 · ~1 min read
Key Changes
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Delta completed a public offering of $500 million in 5.500% senior unsecured notes due November 6, 2029.
Item 1.01 verify on EDGAR → -
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Proceeds will repay approximately $391 million of Payroll Support Program loan, $70 million of aircraft-secured equipment notes, and $39 million of Class B Pass Through Certificates.
Item 1.01 verify on EDGAR → -
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Delta may redeem the notes at its option before October 6, 2029 at a specified price, and at par thereafter; a change-of-control downgrade triggers a repurchase offer at 101% of principal.
Item 1.01 verify on EDGAR → -
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Delta entered into an underwriting agreement with BofA Securities, Citigroup, Deutsche Bank, Goldman Sachs, and Standard Chartered for the note issuance.
Item 8.01 verify on EDGAR →
Summary
Delta Air Lines completed a $500 million offering of 5.500% senior unsecured notes due 2029. The proceeds are earmarked to repay roughly $500 million of existing debt, including a Payroll Support Program loan, aircraft-secured equipment notes, and pass-through certificates. This refinancing replaces older obligations with new debt at a fixed rate, extending maturities and simplifying the capital structure.
The notes rank equally with Delta's other unsubordinated debt and senior to future subordinated debt. Delta retains the option to redeem the notes early before October 6, 2029 at a specified price, and at par thereafter. A change-of-control downgrade would trigger a repurchase offer at 101% of principal, providing some protection to noteholders.
For retail holders, this is a routine debt refinancing that does not alter the company's equity or operational outlook. The transaction was executed through a syndicate of underwriters including BofA Securities, Citigroup, Deutsche Bank, Goldman Sachs, and Standard Chartered.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
We intend to use a portion of the net proceeds from the sale of the Notes to repay the following indebtedness: (1) approximately $391 million in borrowings outstanding under our unsecured Payroll Support Program loan due April 23, 2031, (2) approximately $70 million of equipment notes secured by aircraft due in installments from 2026 to 2033, and (3) together with cash on hand, approximately $39 million of Class B Pass Through Certificates, Series 2020-1 maturing in June 2027.
The proceeds will refinance roughly $500 million of existing obligations: a Payroll Support Program loan, aircraft-secured equipment notes, and pass-through certificates. Any remainder goes to general corporate purposes.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On November 4, 2026, Delta entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Standard Chartered Bank, as the representatives of the several underwriters named therein (the “Underwriters”), in connection with the issuance and sale of the Notes.
Delta entered into an underwriting agreement with a syndicate of underwriters for the issuance and sale of Notes. The agreement includes representations, warranties, covenants, and indemnification obligations. The specific terms of the Notes, such as principal amount, interest rate, and maturity, are not disclosed in this 8-K body.
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Figures/quotes linked to EDGAR · Narrative written by AI · Nov 9, 2026 · How we verify