Delta Air Lines' US$1.5bn loan gives CLOs rare gem in muted US market [Reuters]
Delta Air Lines, Inc. (DAL)
Last delta air lines, inc. earnings: 4/22 07:00 am
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Source: Reuters
Delta Air Lines' US$1.5bn loan gives CLOs rare gem in muted US market NEW YORK, April 24 (LPC) - Embattled Delta Air Lines took off in search of US$1.5bn from US loan investors, launching the financing with tempting lender-friendly terms on Thursday to bolster liquidity as the coronavirus saps the company’s cash while flights remain grounded. Delta is the first company with a BB or better rating to hit the US syndicated loan market since the final week of February, according to data from Refinitiv LPC. In doing so, it has provided Collateralized Loan Obligations (CLOs) with a rare opportunity to buy a syndicated loan for a company that still carries an investment grade rating from one of the three major ratings agencies. The US CLO market is the single-largest buyer of new leveraged loans, but as CLO creation remains low, new leveraged transactions will struggle to be broadly syndicated among investors. The coronavirus’ impact has also led to a wave of downgrades to loans owned by CLO
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DAL
Earnings
- 1/13/26 - Miss
DAL
Sec Filings
- 1/16/26 - Form 4
- 1/16/26 - Form 4
- 1/16/26 - Form 4
- DAL's page on the SEC website