Delta Air Lines plans to raise $6.5 billion in cash by using its frequent flier program as collateral, a program being used by other carriers, too. Delta says they are partnering with SkyMiles IP Ltd., a newly formed Cayman Islands exempted company and a wholly owned subsidiary of Delta, in a private offering to eligible purchasers of senior secured notes and loans that is expected to be bring in $6.5 billion. The notes and loans will be secured on a pari passu senior basis by a first-priority security interest in Delta’s....

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