UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On June 5, 2025, Delta Air Lines, Inc. (“Delta,” “we, “us” or our”) completed a public offering of $2,000,000,000 in aggregate principal amount of our unsecured notes, consisting of: (i) 1,000,000,000 in aggregate principal amount of our 4.950% Notes due 2028 (the “2028 Notes”) and (ii) $1,000,000,000 in aggregate principal amount of our 5.250% Notes due 2030 (the “2030 Notes” and, together with the 2028 Notes, the “Notes”). The Notes were registered under the Securities Act of 1933, as amended, pursuant to an automatic shelf registration statement on Form S-3 (File No. 333-272728) (the “Registration Statement”), filed with the Securities and Exchange Commission (the “Commission”) on June 16, 2023, and a related final prospectus, including a prospectus supplement dated June 5, 2025, filed with the Commission.
The Notes were issued under an indenture, dated as of March 6, 2017 (the “Base Indenture”), as supplemented by that certain Sixth Supplemental Indenture, dated June 10, 2025 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), each between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee. The Base Indenture was incorporated by reference as Exhibit 4.1 to the Registration Statement and is incorporated herein by reference. The Supplemental Indenture is filed herewith as Exhibit 4.1 and incorporated herein by reference.
The Notes are our direct, unsecured and unsubordinated obligations. The Notes rank pari passu, or equal, in right of payment, with all of our other unsubordinated indebtedness and senior in right of payment to all of our future subordinated debt. The 2028 Notes will mature on July 10, 2028, and the 2030 Notes will mature on July 10, 2030. We will pay interest on the Notes semi-annually in arrears on January 10 and July 10 of each year, beginning on January 10, 2026.
The Indenture contains certain covenants that, among other things, limit our ability to incur liens securing indebtedness for borrowed money or capital leases and engage in mergers and consolidations or transfer all or substantially all of our assets, in each case subject to a number of important exceptions as specified in the Indenture. The Indenture also contains event of default provisions consistent with those in our recent unsecured debt offerings.
We intend to use a portion of the net proceeds from the sale of the Notes to repay all or a portion of the approximately $1.65 billion in borrowings outstanding under our unsecured Payroll Support Program loan due April 19, 2030, with the remaining net proceeds to be used for general corporate purposes.
We may redeem the 2028 Notes at our option at any time prior to June 10, 2028 (one month prior to the maturity date of the 2028 Notes), in whole or in part, at the redemption price set forth in the Supplemental Indenture, plus accrued and unpaid interest thereon to the date of redemption. At any time on or after June 10, 2028 (one month prior to the maturity date of the 2028 Notes), we may redeem the 2028 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest thereon to the date of redemption. We may redeem the 2030 Notes at our option at any time prior to June 10, 2030 (one month prior to the maturity date of the 2030 Notes), in whole or in part, at the redemption price set forth in the Supplemental Indenture, plus accrued and unpaid interest thereon to the date of redemption. At any time on or after June 10, 2030 (one month prior to the maturity date of the 2030 Notes), we may redeem the 2030 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest thereon to the date of redemption. If we experience a Change of Control (as defined in the Supplemental Indenture) and a ratings decline of any series of Notes by two or more of the Ratings Agencies (as defined in the Supplemental Indenture) to a rating below investment grade within a certain period of time following a Change of Control or public notice of the occurrence of
a Change of Control, we must offer to repurchase such series at a price equal to 101% of the principal amount of such series, plus accrued and unpaid interest thereon to the repurchase date.
The forms of the Notes issued pursuant to the Indenture are filed herewith as Exhibits 4.2 and 4.3. The foregoing descriptions of the Notes, the Base Indenture and the Supplemental Indenture are summaries only and are qualified in their entirety by reference to the full text of such documents. The Supplemental Indenture and the forms of the Notes are also filed with reference to, and are hereby incorporated by reference into, the Registration Statement.
| Item 8.01 | Other Events. |
On June 5, 2025, Delta entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as the representatives of the several underwriters named therein (the “Underwriters”), in connection with the issuance and sale of the Notes. The Underwriting Agreement includes representations, warranties and covenants, including an agreement to indemnify the Underwriters against certain liabilities. The Underwriting Agreement is filed herewith as Exhibit 1.1 and incorporated herein by reference. The foregoing description of the Underwriting Agreement is a summary only and is qualified in its entirety by reference to the full text of the Underwriting Agreement. The Underwriting Agreement is also filed with reference to, and is hereby incorporated by reference into, the Registration Statement.
In connection with the offering of the Notes, we are filing certain legal opinions relating to the offering as Exhibits 5.1 and 5.2 to this Current Report on Form 8-K, which legal opinions are incorporated by reference into the Registration Statement.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| + | Portions of this exhibit have been redacted in accordance with Item 601(a)(5) of Regulation S-K. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DELTA AIR LINES, INC. | ||||||
| By: | /s/ Daniel C. Janki | |||||
| Daniel C. Janki | ||||||
| Date: June 10, 2025 | Executive Vice President & Chief Financial Officer | |||||