Delta Airlines exchanges further $28 million of 7.7% notes for new notes, stock

By Ted A. Knutson

Washington, Dec. 1 - Delta Airlines, Inc. said holders of a further $28 million principal amount of its 7.7% unsecured notes due 2005 exchanged them for the same amount of unsecured 8% senior notes due 2007 and 1.15 million common shares.

The exchanges took place on Nov. 29 and 30.

Delta is anticipating holders of $10 million more of the 7.7% notes will exchange them for 8% notes and 415,000 shares of common stock.

On Nov. 24, investors with $97 million of the 7.7% notes agreed to similar terms.

The Atlanta-based airline made the disclosures in an 8-K filing with the Securities and Exchange Commission.

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