Delta Now Wants to Raise $3 Billion After Posting $534 Million First Quarter Hit – Skift

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Delta Air Lines Inc on Wednesday said it intended to raise $3 billion in debt by offering senior secured notes and entering into a new credit facility, in a bid to combat the slowdown in air travel demand induced by the coronavirus crisis.

The company said it would offer $1.5 billion in aggregate principal amount of senior secured notes due 2025 and intended to enter into a new $1.5 billion Term Loan B facility due 2023.

Atlanta-based Delta reported its first first-quarter loss in nine years and forecast a 90% decline in second-quarter revenue as the coronavirus crisis devastates air travel demand.

CEO Ed Bastian had said the company expected to raise several billion dollars more in financing in coming months.

(Reporting by Shubham Kalia in Bengaluru; Editing by Subhranshu Sahu)

This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Photo Credit: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus, at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. Elijah Nouvelage / Reuters

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