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Get filing alertsDelta refinances credit facility with $2.65B revolving facility split into 3-year and 5-year tranches
Filed June 12, 2026 · Period ending June 11, 2026 · ~1 min read
Key Changes
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Delta entered into a new $2.65B revolving credit facility, split equally between 3-year and 5-year tranches, replacing its November 2023 facility. The new facility was undrawn at closing and includes an accordion feature allowing expansion to up to $3.65B.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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The facility requires Delta to maintain minimum fixed charge coverage and asset coverage ratios of 1.25:1, and restricts liens and asset dispositions from a designated asset pool.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Borrowings bear interest at adjusted term SOFR plus a margin. The specific margin and prior facility terms are not disclosed.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Delta refinanced its existing credit facility with a new $2.65 billion revolving facility comprising equal $1.325 billion tranches maturing in three and five years. The facility was undrawn at closing and replaces Delta's November 2023 credit agreement. An accordion feature allows Delta to increase total commitments to up to $3.65 billion subject to lender approval, providing additional liquidity headroom if needed.
The refinancing maintains Delta's access to unsecured revolving credit while extending a portion of its maturity profile. The facility requires Delta to maintain minimum coverage ratios of 1.25:1 for both fixed charge coverage (earnings relative to interest and aircraft rent) and asset coverage (unencumbered assets relative to facility obligations).
These covenants are standard for investment-grade airline credit facilities and provide lenders with financial performance guardrails. The filing does not disclose the interest rate margin or prior facility terms, so the economic impact of the refinancing cannot be assessed.
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 →
On June 11, 2026, Delta Air Lines, Inc. (“Delta,” “we,” “us” or “our”) entered into a credit agreement among Delta, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the “Credit Facility”). The Credit Facility refinances Delta’s existing credit agreement, dated as of November 6, 2023 (as amended from time to time, the “Existing Credit Facility”), and replaces the Existing Credit Facility in its entirety.
Delta entered into a new credit agreement that refinances and replaces its existing credit facility from November 2023. The new facility was undrawn at closing and proceeds will be used to refinance the prior facility and for general corporate purposes.
Added in current filing · verify on EDGAR →
The Credit Facility contains a $2.650 billion revolving facility comprised of a $1.325 billion three-year tranche, a $1.325 billion five-year tranche and a separate standby letter of credit facility, which remains uncommitted. Up to $250 million of each of the three-year and the five-year tranches can also be used for the issuance of letters of credit. The Credit Facility contains an accordion feature under which the aggregate commitments can be increased up to $3.65 billion upon our request and subject to certain conditions.
The new facility totals $2.65 billion split equally between a 3-year tranche and a 5-year tranche, with up to $250 million of each available for letters of credit. An accordion feature allows Delta to increase total commitments to $3.65 billion subject to conditions, providing additional liquidity flexibility.
Added in current filing · verify on EDGAR →
The Credit Facility contains affirmative, negative and financial covenants. These covenants include, among other things, (i) restrictions on our ability to place liens on, or to sell or otherwise dispose of, a designated pool of assets, and (ii) the requirement for us to maintain the Minimum Fixed Charge Coverage Ratio and Minimum Asset Coverage Ratio set forth below. Minimum Fixed Charge Coverage Ratio(1) | 1.25:1 | Minimum Asset Coverage Ratio(2) | 1.25:1
The facility requires Delta to maintain a minimum fixed charge coverage ratio of 1.25:1 (earnings before interest, taxes, depreciation, amortization and aircraft rent relative to cash interest and aircraft rental expense) and a minimum asset coverage ratio of 1.25:1 (unencumbered assets relative to outstanding facility obligations). The facility also restricts liens and asset dispositions from a designated asset pool.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Delta Air Lines created a direct financial obligation, with details incorporated by reference from Item 1.01.
Added in current filing · verify on EDGAR →
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference, insofar as it relates to the creation of a direct financial obligation.
Delta disclosed the creation of a direct financial obligation under Item 2.03. However, the 8-K does not include Item 1.01 content in the provided text, so the specific terms, amount, and nature of the obligation cannot be determined from this filing excerpt.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 13, 2026 · How we verify