Delta Air Lines, Inc. · NYSE:DAL
Delta Air Lines — IPO Roadshow (August 2015)
9 slides from Delta Air Lines's IPO roadshow presentation, Aug 10, 2015
Slide 1: DAL 2015-1 EETC Investor Presentation
KEEP CLIMBING DELTA DAL 2015-1 EETC Investor Presentation August 10, 2015
Slide 2: Safe Harbor
KEEP CLIMBING DELTA Safe Harbor This Investor Presentation contains various projections and other forward-looking statements which represent Delta’s estimates or expectations regarding future events. All forward-looking statements involve a number of assumptions, risks and uncertainties, many of whi
Slide 3: Transaction Overview
KEEP CLIMBING DELTA Transaction Overview Delta Air Lines, Inc. (“DAL”) is offering $381,973,000 aggregate face amount of Pass Through Certificates in two classes (“DAL 2015-1”), as follows: Class AA: $312,524,000 Class A: $69,449,000 The Equipment Notes underlying the DAL 2015-1 Pass Through Certifi
Slide 4: Summary of the Certificates Offering
KEEP CLIMBING DELTA Summary of the Certificates Offering Class AA Class A Aggregate Face Amount $312,524,000 $69,449,000 Expected Ratings (Moody’s/S&P) Aa3 / AA A1 / A+ Initial / Highest LTV(1) 45.0% 55.0% Fixed rate, semiannual payments, 30/360 day count Fixed rate, semiannual payments, 30/360 day
Slide 5: DAL 2015-1 Transaction Structure
KEEP CLIMBING DELTA DAL 2015-1 Transaction Structure Consistent with recent US airline EETC Issues without escrow/depositary structure (1) The Equipment Notes with respect to each Aircraft will be issued under a separate Indenture (2) The Liquidity Facility for each of the Class AA Certificates and
Slide 6: Key Structural Considerations
KEEP CLIMBING DELTA Key Structural Considerations Documentation consistent with recent U.S. airline precedent EETC structures without escrow/depositary structure(1) Classes Offered Two Tranches of amortizing debt are being offered, with the Class AA and Class A each benefiting from a separate liquid
Slide 7: Collateral Summary
KEEP CLIMBING DELTA Collateral Summary The Equipment Notes underlying DAL 2015-1 will have the following Boeing aircraft as collateral: The initial aggregate Appraised Value is $694,490,000(1) Appraisals indicate an initial collateral cushion of approximately 55.0%(2) and 45.0%(2) on the Class AA an
Slide 8: Collateral Fleet
KEEP CLIMBING DELTA Collateral Fleet The aircraft to be financed by DAL 2015-1 are an important part of Delta’s current and future fleet strategy B737-900ER Aircraft in Current Fleet Aircraft Count 45 40 35 30 25 20 15 10 5 0 Total Delta-operated B737-900ER DAL 2015-1 Collateral (15) Other B737-900E
Slide 9: Boeing 737-900ER Aircraft Characteristics
KEEP CLIMBING DELTA Boeing 737-900ER Aircraft Characteristics The Boeing 737-900ER extends the Boeing 737NG family to above 200 seats, with optional Type II doors allowing a maximum of 215 seats Offers more premium seats in two classes compared to B737-800 Delta aircraft configured with 180 total pa