Southwest Airlines amends 364-day term loan to add $2.33 billion

By Sara Rosenberg

New York, April 2 – Southwest Airlines Inc. amended and restated its 364-day term loan to add additional term loan commitments of $2,333,333,333, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Furthermore, the company added an uncommitted accordion increase provision to permit additional term loans in an aggregate amount not to exceed $416,666,667, amended the pricing, revised some covenants, added some covenants, and provided the grant of a security interest in aircraft and related assets.

The company also amended its revolving credit facility to change pricing and fees, revise some covenants and provisions, add some covenants and provide for the grant of a security interest in certain aircraft and related assets.

The amendment and restatement was completed on March 30.

JPMorgan Chase Bank is the administrative agent on the term loan. JPMorgan Chase Bank and Citibank are co-administrative agents on the revolver.

The company drew $2,333,333,333 under the term loan on Wednesday and now has $3,333,333,333 outstanding under the loan.

Southwest Airlines is a Dallas-based airline company.

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