Delta Complets Loan Agreement
ATLANTA (AP) _ Delta Air Lines announced Thursday the completion of a $700 million loan agreement arranged through the Citizens and Southern National Bank.
Thirty-one banks in 23 cities along Delta’s route system are participating in the loan, including C&S, Trust Company Bank, BankSouth N.A and the National Bank of Georgia, all in Atlanta.
Delta has outstanding purchase commitments for the acquisition of five Boeing 767-300 airccraft, 56 Boeing 757-200 aircraft and two Lockheed L-1011 long-range aircraft for delivery in 1985 through 1990.
″These purchases require expenditures of about $2.2 billion during calendar years 1985 to 1990,″ said Robert Oppenlander, Delta’s vice chairman of the board and chief financial officer.
″It is estimated that internal cash generation from earnings, depreciation and deferred taxes will provide a substantial portion of this requirement,″ he said.