DELTA AIR LINES, INC. (DAL) Form 424B5 — Nov 4, 2026
Delta Air Lines filed a preliminary prospectus supplement (424B5) for a new offering of senior unsecured notes, with the principal amount, coupon, and maturity left blank pending pricing. The notes will rank pari passu with Delta's other unsubordinated debt and include a 101% change-of-control put. Proceeds are earmarked to repay roughly $500 million of existing debt: approximately $391 million of Payroll Support Program loans, $70 million of aircraft equipment notes, and $39 million of Class B Pass Through Certificates bearing 8.00% interest, with any remainder for general corporate purposes.
Key figures
- Total Debt
- 12851000000
- Total Assets
- 0
- Cash Position
- 3787000000
- Psp loan repayment
- $391 million Payroll Support Program loan due April 23, 2031
- Secured debt outstanding
- $4.1 billion as of September 30, 2026
- Equipment notes repayment
- $70 million equipment notes secured by aircraft (2026-2033)
- Total stockholders equity
- $22,513 million
- Change of control put price
- 101% of principal
- Operating lease obligations
- $6.0 billion
- Class b certificates repayment
- $39 million Class B Pass Through Certificates, Series 2020-1 (June 2027)
AI analysis
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