SOUTHWEST AIRLINES CO (LUV) Form 424B5 — Oct 26, 2026
Southwest Airlines filed a preliminary prospectus supplement (424B5) for a two-tranche offering of senior unsecured notes, with principal amounts, interest rates, and maturities left blank pending pricing. Proceeds are earmarked for general corporate purposes, including repayment at maturity of all $300 million of outstanding 3.000% notes due November 15, 2026, and repayment or redemption of other indebtedness. The notes carry a change-of-control put at 101% of principal (only if paired with a downgrade below investment grade), rank pari passu with other unsecured debt, and include only limited covenants.
Key figures
- Total Debt
- 5887000000
- Debt Amount
- $300 million of 3.000% notes due November 15, 2026 to be repaid; new notes amounts blank pending pricing
- Cash Position
- 3624000000
- Revolver capacity
- $2.0 billion (undrawn, expires August 2031)
- Shares outstanding
- 489476366
- Existing maturities
- ["3.000% Notes due 2026: $300M","3.450% Notes due 2027: $300M","7.375% Debentures due 2027: $101M","5.125% Notes due 2027: $1,727M","4.375% Notes due 2028: $750M","Term Loan Facility (due 3/11/2029): $1,500M","2.625% Notes due 2030: $500M","5.250% Notes due 2035: $675M"]
- Secured debt outstanding
- $1.5 billion as of October 26, 2026
- Total stockholders equity
- 7329000000
- Total capitalization actual
- 13216000000
AI analysis
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