The nose of a Delta Air Lines Boeing 777-200ER dedicated to David C. Garrett Jr., the airline's former CEO, can be seen at Narita Airport.
Fabrizio Gandolfo | SOPA pictures | Getty Images
Delta Air Lines is raising $ 9 billion on a massive debt sale backed by its frequent flyer program. This is the latest major offer from an airline addressing the impact of the coronavirus pandemic on travel requirement.
The amount is nearly 40% higher than the $ 6.5 billion amount Delta announced earlier this week. The Atlanta-based airline is burning around $ 27 million a day as the pandemic continues to weigh on demand for travel, CFO Paul Jacobson said at an investor conference last week.
Airlines are increasingly turning to their loyalty programs to raise funds after air travel revenues plummeted this year. United Airlines is using its MileagePlus program to secure new debt, while American Airlines plans to use its AAdvantage program as collateral for a government loan.
Delta stocks fell less than 1% in midday trading.