01—Abstract
Summary
Summary of the 8-K filed September 30, 2025. Cited figures are marked; the original filing is the authoritative source.
On September 30, 2025, Delta Air Lines, Inc. and its indirect wholly-owned subsidiary SkyMiles IP Ltd., a Cayman Islands exempted company, entered into Amendment No. 2 to the term loan credit and guaranty agreement dated September 23, 2020 for the SkyMiles Credit Facility, with Barclays Bank PLC acting as administrative agent, lead arranger and lender.
The amendment refinances the facility's existing term loans with replacement term loans bearing interest at adjusted term SOFR (floor of 0.0%a) plus a reduced margin of 1.50% per annum, payable quarterly. The amendment also extends the scheduled maturity of the facility from October 20, 2027 to October 20, 2028 and reduces annual amortization payments from 20.0% to 1.0%, payable quarterly. It adds a 1.00% prepayment premium that applies if a Repricing Event (as defined in the amended agreement) occurs within six months after September 30, 2025.
The filing states there were no other material changes to the facility's terms. The filing is brief, and it is signed by Daniel C.
Janki, Executive Vice President and Chief Financial Officer. Under Items 1.01 and 2.03, it reports the creation of a direct financial obligation through the amended facility.
02—Key points
Key Highlights
- Delta and SkyMiles IP Ltd. entered into Amendment No. 2 to the SkyMiles Credit Facility with Barclays Bank PLC as administrative agent, lead arranger and lender on September 30, 2025.
- Replacement term loans bear interest at adjusted term SOFR (floor of 0.0%) plus a margin of 1.50% per annum, payable quarterly.
- Scheduled maturity is extended from October 20, 2027 to October 20, 2028.
- Annual amortization payments are reduced from 20.0% to 1.0%, payable quarterly.
- A 1.00% prepayment premium applies to a Repricing Event occurring within six months following September 30, 2025.
- The filing reports the amendment under Item 1.01 (Material Definitive Agreement) and Item 2.03 (Direct Financial Obligation), and states there were no other material changes to the terms.
03—Questions
Frequently Asked Questions
What is the SkyMiles Credit Facility?
It is a term loan credit and guaranty agreement dated September 23, 2020, between Delta and its indirect wholly-owned subsidiary SkyMiles IP Ltd. and Barclays Bank PLC as administrative agent and lender. The filing does not describe the facility's original size or collateral.
What are the main changes under Amendment No. 2?
The amendment refinances the existing term loans with replacement term loans at adjusted term SOFR (0.0% floor) plus 1.50% per annum. It extends maturity from October 20, 2027 to October 20, 2028 and cuts annual amortization from 20.0% to 1.0%. It also adds a 1.00% prepayment premium for a Repricing Event within six months after September 30, 2025.
Does the amendment change any other terms of the facility?
According to the filing, there were no other material changes to the terms of the SkyMiles Credit Facility.
When would the 1.00% prepayment premium apply?
The premium is payable in connection with a Repricing Event, as defined in the amended SkyMiles Credit Facility, that occurs within six months following September 30, 2025. The filing does not define the term in this document.
Who signed the filing?
The report was signed by Daniel C. Janki, Executive Vice President and Chief Financial Officer, and is dated September 30, 2025.
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