Delta Air Lines has signed a commitment letter with GE Commercial Finance to provide it $500 million of financing.
Up to $100 million of the financing will be provided by American Express Travel Related Services Company under a previously announced commitment, the cash-strapped airline said in a statement.
Delta said $300 million of the financing will be in the form of a senior secured revolving credit facility, and $200 million will be in the form of a senior secured term loan.
The $200 million term loan will mature three years from the closing date, and will be payable in 12 equal monthly installments from the second anniversary of the closing date.
The airline on Thursday narrowly averted bankruptcy after reaching a tentative deal with its pilots' union that will save it $1 billion a year.
