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Northwest Airlines (NWA) Secures New $500M Financing Facility

October 29, 2008 3:47 PM EDT
Northwest Airlines (NYSE: NWA) announced today that is has closed on a new $500 million financing facility. The financing is structured as a $500 million secured revolving credit facility and was led by U.S. Bank with Citigroup and Morgan Stanley as co-lead arrangers and joint book runners.

In an 8-K Report filed with the SEC, the Company said that the financing will consist of a three-year $200 million secured revolving credit facility with a final maturity on October 28, 2011 with loans thereunder bearing interest at LIBOR plus 4.5%, and a 364-day $300 million secured revolving credit facility with a final maturity on October 28, 2009 with loans thereunder bearing interest at LIBOR plus 3.5%.

Northwest Airlines Corporation, through its principal subsidiary, Northwest Airlines, Inc. (Northwest), operates passenger and cargo airlines worldwide.

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