Morning Commentary: High-grade primary sluggish; Delta Air Lines aims to offer notes

By Devika Patel

Knoxville, Tenn., Oct. 21 – Primary activity in the investment-grade bond market was quiet early in the week, with only one new deal announced on Monday morning.

Atlanta-based airline Delta Air Lines Inc. said it will offer notes in two tranches to finance its acquisition of some of Latam Airlines Group SA’s common stock.

Delta Air Lines expects to sell fixed-rate senior notes in two tranches.

The notes feature a make-whole call and then a par call.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. are the bookrunners. BNP Paribas Securities Corp., Fifth Third Securities Inc., ICBC Standard Bank and Wells Fargo Securities LLC are the co-managers.

Proceeds will be used to acquire up to 20% of the common shares of Latam Airlines.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.