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Delta, United Use Loyalty Program To Back Debt

Delta Air Lines is preparing to issue new debt backed by its SkyMiles frequent-flyer loyalty program, the latest to use miles to help boost liquidity amid the Covid-19 pandemic. The deal would follow United Airlines' issuance of $6.8 billion in new borrowings secured by its MileagePlus program in June.  “Delta said last week that it would reinstate 50 flights on international routes later this year,” according to Bloomberg. “Still, in an industry battered by the pandemic’s impact, Delta’s shares have almost halved in the year to date, giving it a market capitalization of around $19 billion.”

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