Delta Airlines 2003 Annual Report Download - page 100

Table of Contents
The fair value of our total secured and unsecured debt was $11.9 billion and $9.5 billion at December 31, 2003 and 2002, respectively.
Future Maturities
The following table summarizes the scheduled maturities of our debt, including current maturities, at December 31, 2003, as adjusted for certain refinancings
of regional jet aircraft subsequent to December 31, 2003 (see Note 22):
Years Ending December 31, Principal
(in millions) Amount
2004 $ 1,002
2005 1,164
2006 781
2007 463
2008 1,272
After 2008 7,780
Total $ 12,462
We have available to us long-term, secured financing commitments from a third party that we may elect to use for a substantial portion of the regional jet
aircraft delivered to ASA and Comair through 2004. Borrowings under these commitments would bear interest at a rate determined by reference to ten-year
U.S. Treasury Notes plus a margin, and would have various repayment dates. Our election to use these commitments would result in the refinancing of
approximately $300 million of our 2004 maturities included in the table above. Other than these commitments, we do not have any undrawn lines of credit.
Boston Airport Terminal Project
During 2001, we entered into lease and financing agreements with the Massachusetts Port Authority (Massport) for the redevelopment and expansion of
Terminal A at Boston's Logan International Airport. The completion of this project will enable us to consolidate all of our domestic operations at that airport
into one location. Construction began in the June 2002 quarter and is expected to be completed during 2005. Project costs will be funded with $498 million in
proceeds from Special Facilities Revenue Bonds issued by Massport on August 16, 2001. We agreed to pay the debt service on the bonds under a long-term
lease agreement with Massport and issued a guarantee to the bond trustee covering the payment of the debt service on the bonds. For additional information
about these bonds, see the debt table above. Because we have issued a guarantee of the debt service on the bonds, we have included the bonds, as well as the
related bond proceeds, on our Consolidated Balance Sheets. The bonds are reflected in noncurrent
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