Southwest Airlines extends revolver maturity by two years

By Marisa Wong

Los Angeles, July 21 – Southwest Airlines Co. amended its revolving credit facility agreement on July 19 to extend the maturity to Aug. 3, 2025 from August 2023, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also updates some provisions related to the implementation of SOFR as a successor interest rate to Libor and some other market changes.

The amount of the loan commitments and the collateral under the credit agreement remain unchanged.

As of July 21, there are no amounts outstanding under the credit agreement.

Generally, amounts outstanding bear interest at rates based on adjusted term SOFR, subject to a floor of 1%.

The credit agreement also requires the company to maintain a minimum level of liquidity of no less than $1.5 billion.

JPMorgan Chase Bank, NA and Citibank, NA are co-administrative agents.

The airline is based in Dallas.

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