Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an
           Off-Balance Sheet Arrangement of a Registrant.

On September 4, 2020, the New York Transportation Development Corporation ("NYTDC") issued its Special Facilities Revenue Bonds, Series 2020 (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project), in the aggregate principal amount of $1,511,015,000 (the "2020 Bonds"). NYTDC loaned the proceeds from the 2020 Bonds to Delta Air Lines, Inc. ("Delta," "we" or "us") to finance a portion of the costs of a construction project that is currently in process at LaGuardia Airport in Queens, New York, consisting of the demolition of existing Terminals C and D, the design and construction of new terminal facilities (the "Facilities"), the payment of capitalized interest on the 2020 Bonds and on a portion of the New York Transportation Development Corporation Special Facilities Revenue Bonds, Series 2018 (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project), and the payment of costs related to issuance of the 2020 Bonds.

We are required to pay debt service on the 2020 Bonds through payments under loan agreements with NYTDC, and we have guaranteed the 2020 Bonds. Our obligations under the guaranty, the loan agreements and the related notes are secured by mortgages (the "Leasehold Mortgages") on our lease of the Facilities and related property (the "Lease") from the Port Authority of New York and New Jersey (the "PANYNJ").

The 2020 Bonds were issued as term bonds as follows:





                        Series 2020 Term Bonds

Maturity Dates Amount Initial Long-Term Interest Rate Yield October 1, 2030 $220,280,000

             4.000%              4.050%
October 1, 2035 $304,435,000             5.000%              4.300%(1)
October 1, 2040 $421,265,000             5.000%              4.450%(1)
October 1, 2045 $565,035,000             4.375%              4.550%

(1) Yield to the optional par call date of October 1, 2030.

Each maturity of the 2020 Bonds is subject to annual mandatory sinking fund redemption requirements commencing four years prior to its maturity. Interest will be payable by us on April 1, 2021 and on each October 1 and April 1 thereafter.

The 2020 Bonds maturing after October 1, 2030 are subject to optional redemption, in whole or in part, at our option on any date on or after October 1, 2030 at a price equal to the unpaid principal amount of the bonds to be redeemed, plus accrued but unpaid interest to but not including the date of redemption. In addition, the 2020 Bonds are subject to optional redemption at a price equal to the unpaid principal amount of the bonds to be redeemed, plus accrued but unpaid interest to but not including the date of redemption, if a failure to redeem the bonds (or a portion thereof) may adversely affect the exclusion of interest from the gross income of the holders and redemption would permit continuance of such exclusion.

The 2020 Bonds are also subject to mandatory redemption at a price equal to the unpaid principal amount of the bonds to be redeemed, plus accrued but unpaid interest to but not including the date of redemption, (i) to the extent the PANYNJ pays unamortized capital investment attributable to lessee debt under the Lease, (ii) if the PANYNJ pays the lessee debt under the Lease after a default by us under the Lease, (iii) to the extent we make any payment in connection with certain releases of the premises pursuant to the Leasehold Mortgages, or (iv) in certain circumstances, if interest on the 2020 Bonds is determined to be taxable as a result of our breach of an applicable representation, warranty or covenant.

On or after October 1, 2030, the 2020 Bonds maturing after October 1, 2030 may be subject to mandatory tender for purchase, in whole or in part, at our option.

Amounts payable with respect to the 2020 Bonds can be accelerated upon the occurrence of certain events of default, including failure to pay principal and interest when due and the occurrence of certain bankruptcy events with respect to us.











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