Delta Air Lines Launches Senior Notes Offering to Refinance Debt

Overview of Filing

Delta Air Lines, Inc. filed a preliminary prospectus supplement on Form 424B5 on November 4, 2026, pursuant to Rule 424(b)(5) under shelf registration statement No. 333-297387. The company is offering senior unsecured notes with coupon, maturity date, and aggregate principal amount to be determined upon pricing.

Structure and Terms of the Notes

• Issuer: Delta Air Lines, Inc.
• Ranking: Direct, unsecured, and unsubordinated obligations ranking pari passu with all existing and future unsubordinated debt.
• Interest Payments: Payable semi-annually in arrears commencing in 2027.
• Redemption: Optional redemption at specified make-whole prices prior to a par call date, and at 100% of principal plus accrued interest thereafter.
• Change of Control: Standard Change of Control Triggering Event repurchase offer at 101% of principal plus accrued interest upon a change of control accompanied by a downgrade below investment grade.
• Listing: The notes will not be listed on any securities exchange.

Use of Proceeds

Delta intends to allocate the net proceeds to retire existing debt obligations:

1. Approximately $391 million outstanding under its unsecured Payroll Support Program (PSP) loan due April 23, 2031 (interest rate: SOFR + 2.00%).
2. Approximately $70 million of equipment notes secured by aircraft due in installments from 2026 to 2033 (interest rate: SOFR + 2.26%).
3. Approximately $39 million of 8.00% Class B Pass Through Certificates, Series 2020-1 maturing in June 2027.
4. Any remaining net proceeds will be deployed for general corporate purposes.

Capital Structure & Market Impact

This refinancing reduces floating-rate exposure tied to SOFR and high-coupon pass-through debt, extending maturity profiles and unencumbering aircraft collateral previously securing the retired equipment notes.