Delta Raises $ 9 Billion in Loyalty Program Funding

Delta Raises $ 9 Billion in Loyalty Program Funding

Delta Raises $ 9 Billion in Loyalty Program Funding

(Reuters) – Delta Air Lines (NYSE: DAL) said Thursday it is raising $ 9 billion in new bonds and loans backed by SkyMiles loyalty program in an effort to bolster its financial position hit by the pandemic.

US airlines have cut costs and increased debt to weather what they call an unprecedented industry crisis, and the situation is not expected to improve in the foreseeable future.

Delta said Monday it plans to raise $ 6.5 billion through its loyalty program, including $ 4 billion in bonds and $ 2.5 billion in loans. The company's daily losses reach $ 27 million, she said.

(Rashit Wets in Bangalore. Translated by Olga Vishnevskaya. Editor Anna Kozlova)

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