DELTA AIR LINES, INC. (NYSE:DAL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

Delta Air Lines, Inc. (“Delta”) previously announced the redevelopment of its facility at New York’s LaGuardia Airport (“LaGuardia”). Delta is partnering with the Port Authority of New York and New Jersey (the “Port Authority”) to replace Terminals C and D at LaGuardia with a new state-of-the-art terminal facility consisting of 37 gates across four concourses connected to a central headhouse. The terminal will feature a new, larger Delta Sky Club, wider concourses, more gate seating, as well as 30 percent more concessions space than the existing Terminals. The facility will also offer direct access between the parking garage and terminal and improved roadways and drop-off/pick-up areas. The design of the new terminal will integrate sustainable technologies and improvements in energy efficiency. Construction will be phased to limit passenger inconvenience and is expected to be completed by 2026. With the reconstruction of Terminals C and D, Delta will continue to build on its strong commitment to the local community by hiring local businesses and workforce. Delta is also committed to supporting New York State’s labor and contracting diversity compliance goals, currently the highest in the nation promoting minority and women business enterprise (MWBE) opportunities.

In connection with the redevelopment, on September 13, 2017, Delta entered into an amended and restated terminal lease with the Port Authority with a term through 2050. to the lease agreement, Delta will fund (through debt issuance and existing cash) and undertake the design, management and construction of the terminal and certain off-premises supporting facilities. Delta currently expects its costs for the project to be approximately $3.3 billion. In addition, Delta will receive a Port Authority contribution of $600 million to facilitate construction of the terminal and other supporting infrastructure. Delta bears the risk of project construction, including if the project’s actual costs exceed the projected costs.

About DELTA AIR LINES, INC. (NYSE:DAL)

Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo throughout the United States and around the world. The Company’s operates through segments, including Airline Segment and Refinery Segment. The Airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the United States and around the world and other ancillary airline services. The Refinery Segment produces gasoline, diesel and jet fuel. Its wholly owned subsidiaries, Monroe Energy, LLC and MIPC, LLC operate the Trainer refinery and related assets located near Philadelphia, Pennsylvania. The Company also offers cargo services, aircraft maintenance, repair and overhaul (MRO), staffing services for third parties, vacation wholesale operations and private jet operations.