Investor Presentaiton
Strengthening Delta's Liquidity Position
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Cash Preservation
Expense reduction has driven significant
improvement in daily rate of cash burn
Reduced planned capex by ~$3.5 billion in 2020
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Deferred new aircraft deliveries, aircraft mods,
IT initiatives and ground equipment refresh
Extending payment terms with airports, vendors
and lessors
Implementing working capital initiatives, lowering
working capital to preserve liquidity
Suspended share repurchases and dividend
payments
- Deferred voluntary pension funding
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Financing and Liquidity
Ended March quarter with $6 billion, expect to end
June quarter with over $15 billion in liquidity
Raised over $14 billion since early March, in
addition to receiving $3.8 billion in CARES Act PSP
funds to date
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$3 billion term loan secured by aircraft; $1.2
billion aircraft sale leasebacks; $1.1 billion
EETC; $1.25 billion unsecured notes
$3.5 billion senior secured notes and $1.5 billion
first lien term loan secured by slots, gates and
routes
Drew down $3 billion under existing revolving
credit facilities
Additional unencumbered collateral - primarily
aircraft with some engines and spare parts
ADELTA
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