Delta is to use its frequent flier programme to raise $6.5 billion to get it through the pandemic.
The US giant will use its SkyMiles loyalty scheme as collateral for the loan and new bond issue.
The airline said: “Delta expects to use the proceeds of the Notes and New Credit Facility for general corporate purposes and to bolster its liquidity position.”
Delta is following United Airlines and budget carrier Spirit Airlines in using its frequent flier programme to raise funds.
Frequent flier programmes generate fees from credit card providers, which buy air miles to reward card holders.
SkyMiles has a tie-up with American Express and boasts more than 100 million members.
Delta has formed a new subsidiary, SkyMiles IP Ltd, based in the Cayman Islands, to facilitate the loan and bond issue, but there will be no changes affecting the scheme’s members.