Delta Air Lines (DAL) enters a material agreement

Delta Air Lines completed a $500 million public offering of 5.500% unsecured notes due November 6, 2029, according to a Form 8-K filed November 6, 2026, with interest payable semi-annually beginning May 6, 2027. The notes were issued under a supplemental indenture with U.S. Bank Trust Company, National Association, as trustee, and rank equally with Delta's other unsubordinated debt. Delta said it intends to use a portion of the net proceeds to repay roughly $391 million outstanding under its unsecured Payroll Support Program loan due April 23, 2031, along with about $70 million of aircraft-secured equipment notes maturing in installments from 2026 to 2033. The offering adds senior unsecured leverage to Delta's balance sheet while refinancing government-related pandemic-era borrowings and secured equipment debt. Investors will watch the remaining proceeds and any further liability-management moves as the 2029 notes begin trading and the May 2027 coupon date approaches.