Milbank advised the initial purchasers in connection with a Rule 144A/Regulation S offering of $2.5 billion aggregate principal amount of 4.5% senior notes due 2025 and $3.5 billion aggregate principal amount of 4.75% senior notes due 2027 by Delta Air Lines (“Delta”) and an indirect, wholly owned subsidiary of Delta. Milbank also advised the arrangers in connection with the $3.0 billion senior secured term loan facility concurrently with the closing of the offering of the notes.
The notes and term loan facility are guaranteed by certain subsidiaries of Delta and are secured by, among other things, a first priority lien on the core assets of Delta’s loyalty programs, including cash proceeds from its SkyMiles program, its material SkyMiles co-branded credit card agreements, and intellectual property utilized in connection with the SkyMiles loyalty program.
The Milbank team included Transportation & Space partners Drew Fine and Freyda Mechlowicz and associates Zachary Cronin and Victoria Mansoor; Alternative Investment partner Sean M. Solis and associates Brian Troxler, Ben Kastner and Nicole Martin; Capital Markets partners Brett Nadritch and Jonathon Jackson and associates Kelsey Craig, Anna Zauner, Andi Hasaj and Zachary Shepperd; Financial Restructuring partners Gerard Uzzi and Nelly Almeida and associate Rachelle Rubin; and Intellectual Property special counsel Nathaniel T. Browand.
