Delta Air Lines (DAL 2.86%) has announced a new notes offering to raise $1.5 billion as well as a new credit facility for another $1.5 billion. The private offering will be for senior secured notes due in 2025, while the credit facility is due 2023. 

Yesterday, the airline announced results for the first quarter. Revenue fell 18% from the year earlier, and Delta burned cash at a rate of $100 million per day at the end of March. The airline also detailed its plan to manage its financial situation, saying, "The decade of work we put into the balance sheet to lower debt and build unencumbered assets has been critical to our success in raising capital and we expect to end the June quarter with approximately $10 billion in liquidity."

man pushing large ball labeled debt up a hill

Image source: Getty Images.

Its new debt offering and credit facility are just the latest step the company has taken to increase financial flexibility. Other actions include drawing down $3 billion under existing credit facilities, securing a $3 billion loan, agreeing to $1.2 billion in aircraft sale-leasebacks, and accepting $5.4 billion in federal aid under the CARES Act.

Additionally, the company is reducing capacity by 85% for second quarter, consolidating airport facilities, instituting a hiring freeze, and cutting capital spending plans by $3 billion.

Delta expects its cash burn rate to be cut in half by the end of the second quarter.