Delta announces early results for cash tender offer

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Washington DC
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Delta Air Lines has announced the results of a previously announced cash tender offer to buy back $906.19 million in outstanding debt.

An early tender deadline for the offer closed at 17:00 Eastern Time yesterday.

The SkyTeam carrier had offered a premium to holders of its 9.5% senior secured notes that are due in 2014 and 11.75% senior secured second lien notes that are due in 2015.

As of the early tender deadline yesterday, Delta has received valid tenders and consents from holders of $405.6 million in aggregate principal amount of the 9.5% notes, representing 67.6% of the outstanding amount, and from holders of $239.9 million of the 11.75% notes, representing 78.4% of the outstanding amount.

The consents received by Delta have exceeded the amount needed to adopt the proposed base amendments to the indenture governing both sets of notes, so the airline has executed supplemental indentures for them, it says.

The tender offer is still open and will expire at 23:59 Eastern Time on 29 October.