Delta secures $9 billion in financing against loyalty program

(Reuters) – Delta Air Lines said on Thursday it is raising $9 billion through new bonds and loans backed by its SkyMiles loyalty program, as the carrier attempts to strengthen its cash position to weather the travel downturn due to the pandemic.

The airline had said earlier this week that it is pledging its loyalty program to raise $6.5 billion as it burns through $27 million a day.

(Reporting by Rachit Vats in Bengaluru; Editing by Amy Caren Daniel)