Delta Air Lines Reports Amendment to SkyMiles Credit Facility
Summary
Delta Air Lines, Inc. and its subsidiary SkyMiles IP Ltd. entered into Amendment No. 2 to the SkyMiles Credit Facility with Barclays Bank PLC on September 30, 2025. This amendment refinances existing term loans and modifies several key terms. - Extends facility maturity from October 20, 2027, to October 20, 2028. - Reduces amortization payments from 20.0% to 1.0% per year. - Sets interest at adjusted term SOFR plus a reduced margin of 1.50% per annum. - Adds a 1.00% prepayment premium for certain repricing events.
Why It Matters
This amendment is material as it extends the facility's maturity and significantly reduces annual amortization payments, enhancing Delta's financial flexibility and liquidity. The reduced interest margin also represents a favorable financial adjustment for the company.
Key Quote
“extend the scheduled maturity of the facility from October 20, 2027 to October 20, 2028; (iii) reduce the amortization payments from 20.0%.”
— From Item 1.01
Filing Details
Reported Items
Additional Information
- CIK Number
- 0000027904
- Filing Date
- Tuesday, September 30, 2025
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- neutral