Delta Air Lines, Inc. filed a Form 8-K with the SEC on November 6, 2026, disclosing the completion of a $500,000,000 public offering of 5.500% Notes due 2029, with proceeds directed primarily toward repaying existing indebtedness including a Payroll Support Program loan and aircraft equipment notes.

Key Highlights

  • Offering size: $500,000,000 aggregate principal amount of 5.500% Notes due November 6, 2029.
  • Debt repayment plan: Approximately $391 million targeted to repay borrowings under Delta's unsecured Payroll Support Program loan due April 23, 2031.
  • Additional repayments: Approximately $70 million of aircraft equipment notes and approximately $39 million of Class B Pass Through Certificates, Series 2020-1 maturing June 2027, the latter combined with cash on hand.
  • Interest payments: Semi-annually in arrears on May 6 and November 6 each year, beginning May 6, 2027.
  • Note structure: Direct, unsecured, and unsubordinated obligations ranking pari passu with all other unsubordinated indebtedness.
  • Underwriting agreement: Entered November 4, 2026, with BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs and Standard Chartered Bank as representatives.
  • Trustee: U.S. Bank Trust Company, National Association, under a Seventh Supplemental Indenture dated November 6, 2026.

Delta Air Lines Uses November 2026 Notes to Refinance Aircraft and Federal Loan Obligations

According to the filing, Delta Air Lines (NYSE:DAL), the Atlanta-based commercial air carrier incorporated in Delaware, completed the public offering of $500,000,000 in 5.500% Notes due 2029 on November 6, 2026. The notes were registered under the Securities Act of 1933 through an automatic shelf registration statement on Form S-3, originally filed with the SEC on July 10, 2026. A prospectus supplement dated November 4, 2026 was filed with the Commission on November 5, 2026 pursuant to Rule 424(b) under the Securities Act.

The filing states that Delta intends to use a portion of the net proceeds to repay approximately $391 million in borrowings under its unsecured Payroll Support Program loan, a form of federal pandemic-related financial support that remains outstanding with a maturity of April 23, 2031. Delta also disclosed plans to retire approximately $70 million of equipment notes secured by aircraft with installments due from 2026 to 2033, and, together with cash on hand, approximately $39 million of Class B Pass Through Certificates, Series 2020-1 maturing in June 2027. Any remaining proceeds are designated for general corporate purposes, according to the filing.

The notes are issued under a base indenture dated March 6, 2017, supplemented by the Seventh Supplemental Indenture dated November 6, 2026. The filing notes that the indenture contains covenants limiting Delta's ability to incur liens securing borrowed money or capital leases and restricting mergers, consolidations, or transfers of substantially all assets, subject to exceptions specified in the indenture. Delta may redeem the notes at any time prior to October 6, 2029 at a price set out in the Supplemental Indenture, and on or after that date at 100% of principal plus accrued interest. The filing also discloses a change-of-control repurchase obligation at 101% of principal if ratings are lowered below investment grade by two or more ratings agencies following a qualifying change of control. The filing was signed by Erik S. Snell, Executive Vice President and Chief Financial Officer.

What Was Disclosed

Delta Air Lines reported the closing of a $500,000,000 unsecured note offering at a 5.500% rate maturing in 2029, with proceeds earmarked to retire specific existing debt obligations including a Payroll Support Program loan, aircraft equipment notes, and pass-through certificates.