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Southwest secures new $1bn term loan
On March 12, Southwest Airlines entered into a new $1bn 364-day term loan credit facility with a syndicate of lenders that was drawn in full on the closing date. The loan is priced at either the LIBOR rate or the “alternate base rate” plus 1%. The alternate base rate is defined as the highest of (1) the Wall Street Journal prime rate, (2) one-month adjusted LIBOR (one-month LIBOR plus a statutory reserve rate) plus 1%, and (3) the New York Fed Bank Rate, plus 0.5%). The underlying LIBOR rate is subject to a floor of 0% per annum and the
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