Delta Air Lines announced it has entered into a $2.6 billion secured credit facility, enhancing the company’s liquidity as it manages through an unprecedented decline in air travel demand due to the COVID-19 outbreak. The company is also drawing $3 billion under its existing revolving credit facilities.  JPMorgan Chase Bank, N.A., served as administrative agent, and Sole Lead Arranger and Bookrunner.

In order to preserve liquidity, Delta has suspended its capital return program, including the company’s stock repurchase program and the Board’s suspension of future dividend payments.

“The growing need to protect Delta’s future has led to difficult decisions across our business that are impacting all of our stakeholders,”  said Delta CEO Ed Bastian. “Maintaining ample liquidity during this crisis is critical to the essential service that Delta provides in America’s transportation infrastructure as well as the jobs of more than 90,000 Delta people across the country.”