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MarketScreener Homepage  >  Equities  >  Nyse  >  Delta Air Lines, Inc.    DAL

DELTA AIR LINES, INC.

(DAL)
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DELTA AIR LINES, INC. : Other Events, Financial Statements and Exhibits (form 8-K)

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09/17/2020 | 08:41am EDT
Item 8.01 Other Events.



On September 17, 2020, Delta Air Lines, Inc. ("Delta") issued a press release announcing the upsize and pricing of the previously announced private offering by Delta and SkyMiles IP Ltd., a newly formed exempted company incorporated with limited liability under the laws of the Cayman Islands and an indirect wholly-owned subsidiary of Delta ("SMIP"). An aggregate of $2.5 billion in principal amount of 4.500% senior secured notes due 2025 and an aggregate of $3.5 billion in principal amount of 4.750% senior secured notes due 2028 (collectively, the "Notes") are expected to be issued on September 23, 2020, subject to customary closing conditions. Concurrently with the issuance of the Notes, Delta and SMIP plan to enter into a credit agreement providing for a term loan facility (the "New Credit Facility") for an aggregate of $3.0 billion, also subject to customary closing conditions. The closing of the offering of the Notes is not contingent upon the closing of the New Credit Facility. The Notes and the New Credit Facility will be guaranteed by certain of Delta's subsidiaries. The press release is attached as Exhibit 99.1 to this Form 8-K.



Forward-Looking Statements


Statements in this Form 8-K or any exhibit hereto that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements. There can be no assurance that the offering of the Notes or entry into the New Credit Facility will be completed. Risks and uncertainties that could cause differences between actual results and forward-looking statements include, but are not limited to, the material adverse effect that the COVID-19 pandemic is having on our business; the impact of incurring significant debt in response to the pandemic; the possible effects of accidents involving our aircraft; breaches or security lapses in our information technology systems; disruptions in our information technology infrastructure; our dependence on technology in our operations; the performance of our significant investments in and commercial relationships with, airlines in other parts of the world; failure to comply with the financial and other covenants in our financing agreements; labor issues; the effects of weather, natural disasters and seasonality on our business; the effects of an extended disruption in services provided by third parties; the cost of aircraft fuel; the availability of aircraft fuel; failure or inability of insurance to cover a significant liability at Monroe's Trainer refinery; the impact of environmental regulation on the Trainer refinery, including costs related to renewable fuel standard regulations; our ability to retain senior management and key employees; damage to our reputation and brand if we are exposed to significant adverse publicity; the effects of terrorist attacks or geopolitical conflict; competitive conditions in the airline industry; interruptions or disruptions in service at major airports at which we operate; the effects of extensive government regulation on our business; the impact of environmental regulation on our business; the sensitivity of the airline industry to prolonged periods of stagnant or weak economic conditions; and uncertainty in economic conditions and regulatory environment in the United Kingdom related to the exit of the United Kingdom from the European Union.

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of September 17, 2020, and which we have no current intention to update except to the extent required by law.

Item 9.01 Financial Statements and Exhibits.




(d)  Exhibits.


Exhibit 99.1 Press Release dated September 17, 2020 titled "Delta Air Lines

             Announces Upsize of SkyMiles Financing to $9 Billion"

Exhibit 104 The cover page from this Current Report on Form 8-K, formatted in

             Inline XBRL






   2

© Edgar Online, source Glimpses


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Financials (USD)
Sales 2020 16 783 M - -
Net income 2020 -12 177 M - -
Net Debt 2020 17 859 M - -
P/E ratio 2020 -1,76x
Yield 2020 0,97%
Capitalization 21 595 M 21 595 M -
EV / Sales 2020 2,35x
EV / Sales 2021 1,47x
Nbr of Employees 91 000
Free-Float 98,1%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 39,33 $
Last Close Price 34,00 $
Spread / Highest target 50,0%
Spread / Average Target 15,7%
Spread / Lowest Target -11,8%
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Managers
NameTitle
Edward Herman Bastian Chief Executive Officer & Director
Glen William Hauenstein President
Francis S. Blake Non-Executive Chairman
Paul A. Jacobson Chief Financial Officer & Executive Vice President
Rahul Samant Chief Information Officer & Executive VP
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