Delta Air Lines has raised $450 million of debt in a private placement with new investors.
Burnham Sterling – a financial adviser based in Greenwich, Connecticut – was sole bookrunner.
Pricing has not been disclosed, but Burnham Sterling executive managing director Michael Dickey Morgan asserts: "As the sole bookrunner, we were able to achieve Delta's objectives by developing and executing a placement strategy that insulated this transaction from the recent widening of high-yield spreads."
Delta's assistant treasurer Andy Nelson says the expected pricing was achieved and confirms that three-quarters of the debt raised by the deal was sourced from seven new investors.
The US carrier has raised over $1 billion for 48 aircraft with arranger Burnham Sterling over three transactions.
In March, Burnham Sterling arranged a $380 million private placement for Avianca, financing eight aircraft for the Latin American airline.
Source: Cirium Dashboard
