On Monday Delta announced that they were mortgaging the SkyMiles program, taking out a $6.5 billion loan secured by their frequent flyer program and its revenue stream As part of the deal they had to disclose a great deal of the inner workings of the program including where members are located and how much they’re spending on Delta American Express credit cards, along with how much they’re generating in revenue selling miles to members.
Just three days after announcing this deal they’ve announced an upsizing. Instead of borrowing $6.5 billion, they’re going to borrow $9 billion.