Morgan Stanley gets onboard Delta merger

8th Jan 2007

US Airways Group has added Morgan Stanley as joint lead arranger with Citigroup to underwrite the airline’s $7.2 billion debt financing for its proposed merger with Delta Air Lines.The new financing commitment, updated to include Morgan Stanley, has also been revised to provide significantly improved financial terms.

Subject to US Airways Board of Directors approval, Citigroup and Morgan Stanley will share the funding commitment. The arrangement also stipulates that US Airways retains the right to add one or more financial institutions to the syndicate group.

US Airways Senior Vice President and Chief Financial Officer Derek Kerr said, “We are extremely pleased to welcome Morgan Stanley as a co-lead to the syndicate group with Citigroup for our proposed merger with Delta. These two world-class firms, combined with the possibility for a third firm, reinforce the financial community’s confidence in the value creation of our proposed merger with Delta.”


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