Delta To Offer $500M Note Sale To Refinance Debt

Law360, New York (September 16, 2009, 3:35 PM EDT) -- Delta Air Lines Inc. is planning a private debt offering of $500 million in senior secured notes in an effort to repay all its outstanding loans under fully owned subsidiary Northwest Airlines Inc.'s credit facility, Delta said Wednesday.

The senior notes, which will be due in 2014, will be secured by the airline's Pacific route authorities, slots and gate leaseholds, Delta said.

Delta acquired Northwest for $17.7 billion in 2008, making the airline the largest U.S. carrier in the world. With the acquisition came the target...
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