Delta Airlines 2015 Annual Report Download - page 80

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TableofContents
NOTE6.LONG-TERMDEBT
Thefollowingtablesummarizesourlong-termdebt:
Maturity InterestRate(s)PerAnnumat December31,
(inmillions) Dates December31,2015 2015 2014
PacificFacilities(1):
PacificTermLoanB-1(2) October2018 3.25% variable(4) $ 1,067 $ 1,078
PacificTermLoanB-2(2) April2016 2.67% variable(4) 388 392
PacificRevolvingCreditFacility 2017 to 2018 undrawn variable(4) — —
2015CreditFacilities(1):
TermLoanFacility(2) August2022 3.25% variable(4) 499 —
RevolvingCreditFacility August2020 undrawn variable(4) — —
2011CreditFacilities:
TermLoanFacility n/a n/a n/a — 1,327
RevolvingCreditFacility n/a n/a n/a — —
Financingarrangementssecuredbyaircraft:
Certificates(3) 2016 to 2027 3.63% to 9.75% 3,264 3,226
Notes(3) 2016 to 2027 0.83% to 6.76% 2,564 2,988
Otherfinancings(3)(5) 2016 to 2031 2.24% to 8.75% 316 458
Otherrevolvingcreditfacilities(1) 2016 to 2017 undrawn variable(4) — —
Totalsecuredandunsecureddebt
8,098 9,469
Unamortizeddiscountanddebtissuecost,net
(152) (206)
Totaldebt
7,946 9,263
Less:currentmaturities
(1,415) (1,075)
Totallong-termdebt
$ 6,531 $ 8,188
(1) Guaranteedbysubstantiallyallofourdomesticsubsidiaries(the"Guarantors").
(2) Borrowingsmustberepaidannuallyinanamountequalto1%peryearoftheoriginalprincipalamount(paidinequalquarterlyinstallments),withthebalancedueonthefinalmaturitydate.
(3) Dueininstallments.
(4) InterestrateequaltoLIBOR(generallysubjecttoafloor)oranotherindexrate,ineachcaseplusaspecifiedmargin.Additionally,certainaircraftandotherfinancingsarecomprisedof
variableratedebt.
(5) Primarilyincludesloanssecuredbycertainaccountsreceivableandrealestate.
2015 Debt Refinancing Transaction
InconnectionwiththeretirementandterminationoftheoutstandingloansunderourexistingSeniorSecuredCreditFacilities("2011CreditFacilities"),inthe
September2015quarter,weissuednewdebtconsistingofthenewSeniorSecuredCreditFacilities("2015CreditFacilities"),describedbelow,andthe2015-1pass
throughcertificates("2015-1EETC").
2015 Credit Facilities
During2015,weenteredintothe2015CreditFacilitiestoborrowupto$2.0billion.The2015CreditFacilitiesconsistofa$1.5billionfirst-lienrevolving
creditfacility(the“RevolvingCreditFacility”)anda$500millionfirst-lientermloanfacility(the“TermLoanFacility”).Thesetransactionscoincidedwiththe
retirementof$1.3billionfromthe2011TermLoanFacilityand$1.2billionfromthe2011RevolvingCreditFacility.
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