DAL · 10-Q · 2026Q2 · Full report
Outstanding Indebtedness and Facilities
DELTA AIR LINES, INC. · 2026-07-10 · Importance 64 · Surprise 42 · In source text
Delta had $2.1 billion of cash outflows for repayments of debt and finance lease obligations in the six months ended June 30, 2026, and reports ongoing debt reduction initiatives including $1.3 billion of early repayments enabled by refinancings with lower interest rates. In January 2026 Delta entered into a $1.25 billion term loan due December 2026, using proceeds to repay $957 million of Payroll Support Program loans due 2031; in April 2026 it amended the SkyMiles Credit Facility to variable-rate SOFR plus a 1.25% margin and added a 1.00% prepayment premium tied to certain repricing events. In June 2026 Delta entered into a new $2.65 billion revolving credit facility (2026 Corporate Revolving Credit Facility) that effectively extends tranche maturities to 2029 and 2031, with borrowings priced at adjusted term SOFR (or another index) plus a margin. Management states reduced interest expense year-over-year primarily from these debt paydowns and refinancings, and that covenants were in compliance as of June 30, 2026.
Key facts
- In June 2026, Delta entered into a new $2.650 billion revolving credit facility to refinance and replace the existing Corporate Revolving Credit Facility; it effectively extends maturities of $1.325 billion three-year tranche to 2029 and $1.325 billion five-year tranche to 2031. source
- During the six months ended June 30, 2026 we paid $2.1 billion of payments on debt and finance lease obligations, of which $1.3 billion was early repayments enabled by refinancings with lower interest rates. source
- In June 2026, Delta entered into a new $2.650 billion revolving credit facility which extends a $1.325 billion three-year tranche to 2029 and a $1.325 billion five-year tranche to 2031. source
- In the six months ended June 30, 2026, Delta had cash outflows of $2.1 billion related to repayments of debt and finance lease obligations. source
- In January 2026, Delta entered into a $1.25 billion term loan due December 2026; proceeds were used to repay $957 million of Payroll Support Program loans due 2031 and for general corporate purposes. source
- As of June 30, 2026, we had approximately $3.1 billion undrawn and available under our revolving credit facilities. source
- In April 2026 Delta and SkyMiles IP Ltd. amended the SkyMiles Credit Facility refinancing existing term loans with replacement term loans bearing interest at adjusted term SOFR plus a margin of 1.25% per annum and added a 1.00% prepayment premium in certain repricing events. source
- In January 2026, Delta entered into a $1.25 billion term loan due December 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -2.4% | During the six months ended June 30, 2026 we paid $2.1 billion of payments on debt and finance lease obligations, of which $1.3 billion… |
| liability | positive | realized | +2.4% | During the six months ended June 30, 2026 we paid $2.1 billion of payments on debt and finance lease obligations, of which $1.3 billion… |
| cash | positive | realized | +1.4% | In January 2026, Delta entered into a $1.25 billion term loan due December 2026; proceeds were used to repay $957 million of Payroll… |
| liability | negative | realized | -1.4% | In January 2026, Delta entered into a $1.25 billion term loan due December 2026; proceeds were used to repay $957 million of Payroll… |
| cash | negative | realized | -1.1% | In January 2026, Delta entered into a $1.25 billion term loan due December 2026; proceeds were used to repay $957 million of Payroll… |
| liability | positive | realized | +1.1% | In January 2026, Delta entered into a $1.25 billion term loan due December 2026; proceeds were used to repay $957 million of Payroll… |
| liability | positive | committed | — | In June 2026, Delta entered into a new $2.650 billion revolving credit facility to refinance and replace the existing Corporate Revolving… |
| net_income | negative | committed | — | In April 2026 Delta and SkyMiles IP Ltd. amended the SkyMiles Credit Facility refinancing existing term loans with replacement term loans… |