Delta Air Lines, Inc. filed a free writing prospectus on November 4, 2026, disclosing the pricing terms for a $500,000,000 offering of 5.500% Notes due November 6, 2029, under Registration Statement No. 333-297387.

Key Highlights

  • Principal Amount: $500,000,000 in 5.500% Notes due November 6, 2029.
  • Public Offering Price: 99.855% of the principal amount, with a yield to maturity of 5.553%.
  • Spread to Treasury: 92 basis points over the 4.875% UST due October 15, 2029, priced at 100-21 / 4.633%.
  • Settlement Date: T+2, on or about November 6, 2026.
  • Credit Ratings: Baa2 (Moody's) / BBB- (S&P) / BBB (Fitch), as stated in the filing.
  • Joint Book-Running Managers: BofA Securities, Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs & Co. LLC, and Standard Chartered Bank.
  • CUSIP / ISIN: 247361 A40 / US247361A402.

Delta Air Lines Discloses Pricing Terms for 2029 Fixed-Rate Notes Offering

According to the free writing prospectus filed November 4, 2026, Delta Air Lines, Inc. priced $500,000,000 aggregate principal amount of 5.500% Notes maturing on November 6, 2029. The notes were offered to the public at 99.855% of principal, producing a yield to maturity of 5.553%, and priced at a spread of 92 basis points over the benchmark 4.875% U.S. Treasury due October 15, 2029, which was quoted at a price of 100-21 and a yield of 4.633%.

The filing states that interest will be paid semi-annually on May 6 and November 6 of each year, commencing May 6, 2027. The minimum denomination is $2,000, with integral multiples of $1,000 in excess thereof. Settlement is expected on or about November 6, 2026, on a T+2 basis. The filing notes that purchasers wishing to trade the notes on or after the pricing date but before settlement may need to specify an alternative settlement cycle to avoid a failed settlement.

The notes carry an optional redemption feature. Prior to October 6, 2029 (one month before maturity), the company disclosed that the notes are redeemable at its option at a redemption price equal to the greater of a make-whole amount based on the Treasury Rate plus 15 basis points, or 100% of principal, plus accrued and unpaid interest. On or after October 6, 2029, the notes are redeemable at 100% of principal plus accrued interest. The filing also lists BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Fifth Third Securities, J.P. Morgan Securities LLC, Morgan Stanley, MUFG Securities Americas, Natixis Securities Americas, NatWest Markets Securities, PNC Capital Markets, and Regions Securities as passive book-runners.

What Was Disclosed

Delta Air Lines filed a pricing term sheet as a free writing prospectus for a $500,000,000 offering of 5.500% Notes due 2029, specifying coupon, yield, spread, redemption terms, ratings, and the full syndicate of underwriters involved in the transaction.