Delta Air Lines announces proposed private debt offering

Delta intends to use the net proceeds of this offering, together with initial borrowings under its proposed new senior secured credit facilities, to repay all outstanding borrowings under Northwest's senior corporate credit facility and to use any remaining net proceeds for general corporate purposes. The notes will be secured by Delta's Pacific route authorities, slots and gate leaseholds. These assets will also constitute the collateral for the company's new senior secured credit facilities.

This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements. The notes will be offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.