Pressroom
Natixis Acted as Bookrunner, Lead Arranger and Administrative Agent for $200 Million Delta Air Lines Senior Secured Credit Facilities Secured by Inventories
Natixis, New York Branch acted as Bookrunner, Lead Arranger and Administrative Agent for two Delta Air Lines’ committed credit facilities totaling $200 million. The facilities closed in May 2016 include a $50 million committed senior secured facility and a $150 million committed senior secured facility.
Both facilities are governed by asset based lending structures allowing Delta to monetize: (i) its US jet fuel inventories for the $50 million facility and (ii) crude oil and refined products inventories as well as receivables related to its wholly-owned Trainer refinery for the $150 million facility.
The facilities provide the lenders with suitable collateral coverage without being disruptive to Delta’s operations. In addition, the facilities allow Delta to tap additional liquidity secured against its refinery’s current assets, which were previously unencumbered.
The bank group also includes Commonwealth Bank of Australia, London Branch and Coöperatieve Rabobank U.A., New York Branch.
Delta elected not to exercise the facilities’ increase option, which remains available to support future liquidity needs.
Contacts
About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.2 billion, a Basel 3 CET1 Ratio(1) of 11.3% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in and including current financial year’s earnings and accrued dividend (based on a 60% pay-out).
Figures as at 31 December 2019.
