LEVERAGED LOANS

摘要

Delta air lines launched a US$2bn refinancing, split between a US$1.5bn five-year revolver and a US$500m seven-year Term Loan B. Barclays leads the transaction. Joint bookrunners are JP Morgan, Bank of America Merrill Lynch, BBVA, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, Fifth Third, Goldman Sachs, Wells Fargo and US Bank. The term loan is guided at 250bp over Libor with a 0.75% Libor floor and a discount in the 99-99.5 range. The company will use the facility, along with cash and US$500m of other new debt, to refinance its 2016 revolver and its 2017 term loan. Total leverage at Delta will be at 1.4 times with net leverage coming in at 1.0 times. Delta is rated Ba2/BB+ while the facility is rated Baa3/BBB.