Home News Delta Air Lines Announces the Results of Its Early Tender and the Choice to Settle Its Offer for Outstanding Notes Early

Delta Air Lines Announces the Results of Its Early Tender and the Choice to Settle Its Offer for Outstanding Notes Early

Delta Air Lines Announces the Results of Its Early Tender and the Choice to Settle Its Offer for Outstanding Notes Early

Delta Air Lines, Inc. (NYSE:DAL) (“Delta”) announced today the early tender participation results, as of 5:00 p.m., New York City time, on July 29, 2022 (the “Early Tender Time”), of its previously announced cash tender offer for up to $1.5 billion in aggregate purchase price, excluding accrued and unpaid interest (the “Maximum Tender Amount”), of certain of its outstanding debt securities (the “Notes”).

With respect to the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time, Delta has elected to have an early settlement date to make payment for such Notes on August 2, 2022. The tender offer is being made on the terms and subject to the conditions set forth in the Offer to Purchase dated July 18, 2022 (the “Offer to Purchase”).

The following table sets forth certain information regarding the Notes and participation in the tender offer, including the aggregate principal amount of each series of Notes that was validly tendered as of the Early Tender Time according to D.F. King & Co., Inc., the Tender Agent and information agent for the tender offer:

The deadline to withdraw Notes validly tendered in the tender offer was 5:00 p.m., New York City time, on July 29, 2022, which deadline has not been extended. Accordingly, previously tendered Notes may no longer be withdrawn, except where Delta determines additional withdrawal rights are required by law.

The acceptance of tendered Notes was made in accordance with the tender offer terms as described in the Offer to Purchase. As the aggregate purchase price of the Notes validly tendered and not validly withdrawn as of the Early Tender Time exceeded the Maximum Tender Amount, the 2023 Notes that were accepted for purchase by Delta were prorated so as to accept the maximum principal amount of the 2023 Notes that did not result in the Maximum Tender Amount being exceeded. Delta will not accept for purchase any Notes tendered after the Early Tender Time.

Delta has engaged BofA Securities and Citigroup Global Markets Inc. to serve as the Lead Dealer Managers, BNP Paribas Securities Corp., MUFG Securities Americas Inc. and PNC Capital Markets LLC to serve as the Dealer Managers in connection with the tender offer and has appointed D.F. King & Co., Inc. to serve as the Tender Agent and information agent for the tender offer. Copies of the Offer to Purchase are available by contacting D.F. King & Co., Inc. via telephone by calling (800) 967-5084 (toll-free) or banks and brokers (212) 269-5550 or by e-mail: dal@dfking.com. A copy of the Offer to Purchase is also available at the following web address: www.dfking.com/delta. Questions regarding the terms of the tender offer should be directed to BofA Securities at (980) 388-0539 or via the email address debt_advisory@bofa.com or Citigroup Global Markets Inc. at (212) 723-6106 or via the email address ny.liabilitymanagement@citi.com.

This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any securities. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities. The tender offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. In any jurisdiction in which the tender offer is required to be made by a licensed broker or dealer, the tender offer will be deemed to be made on behalf of Delta by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.


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