Delta Boosts Size of Planned Debt Offering: Report
Delta Air Lines (NYSE: DAL) is seeing such strong demand for its debt that the airline is boosting a planned offering by $2 billion, helping to shore up its balance sheet as it deals with plunging travel demand due to the COVID-19 pandemic, say reports.
Last week, Delta announced plans to raise $3 billion in new debt, including $1.5 billion in new senior secured notes, part of the airline's larger plan to raise money, cut costs, and weather what could be a prolonged travel slowdown. During its first quarter earnings call last week, Delta said it was seeking to raise additional funds in an attempt to bring its total liquidity up to $10 billion by the end of the current quarter, up from $6 billion on March 31.
Image source: Delta Air Lines.
Source Fool.com
