Delta Air Lines launches $250 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 22 - Delta Air Lines Inc. launched a new $250 million term loan with a conference call on Tuesday. The loan is talked at Libor plus 325 basis points with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source.

Citigroup and Deutsche Bank are the lead banks on the deal, with Citi the left lead.

Proceeds will be used to refinance/reprice an existing $246.8 million term loan that is priced at Libor plus 675 bps with a 2% Libor floor and was sold at an original issue discount of 98 when it was obtained in 2009 to repay bank debt.

Commitments are due on March 2.

Delta is an Atlanta-based airline.

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