Delta Air Lines marketing $220 million junk-rated equipment certificates

By Paul A. Harris

St. Louis, Oct. 3 - Delta Air Lines is marketing a junk-rated $220 million tranche of class C enhanced equipment certificates (B1/B) with an eight-year final maturity, according to market sources.

Credit Suisse and Merrill Lynch & Co. are joint bookrunners for the Rule 144A with registration rights certificates, which are part of an overall $1.409 billion three-part deal.

The other two tranches are investment grade, sources say.

The transaction is being conducted off of the investment-grade desk.

Barclays Capital, Goldman Sachs & Co., UBS Investment Bank and Calyon Securities are co-managers.

Delta Air Lines is an Atlanta-based passenger air carrier.

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