NWAC Northwest Airlines (MM)

Northwest Airlines Completes a $148 Million Financing EAGAN, Minn., April 18 /PRNewswire-FirstCall/ -- Northwest Airlines (NASDAQ:NWAC) announced today that it has successfully completed a financing of $147.8 million, the proceeds of which were used to pay the November 2005 principal amortization in the same amount under the airline's $975 million credit agreement. Terms of the refinancing include an interest rate of LIBOR + 6.25% and repayment over five years with a 96% balloon payment due in November 2010. This new term loan financing transaction was led by JP Morgan and Citigroup and included participation from existing and new lenders in the credit agreement. In connection with the closing of this financing, Northwest received consent from its lenders to waive its fixed charge coverage covenant until the second quarter of 2006. Northwest Executive Vice President and Chief Financial Officer, Bernie Han, said, "We are pleased to be able to complete this transaction in a challenging industry environment, and would like to thank our lead banks and institutional lenders for their support." Northwest Airlines is the world's fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately 1,500 daily departures. Northwest is a member of SkyTeam, an airline alliance that offers customers one of the world's most extensive global networks. Northwest and its travel partners serve more than 900 cities in excess of 160 countries on six continents. DATASOURCE: Northwest Airlines CONTACT: Northwest Media Relations, +1-612-726-2331 Web site: http://www.nwa.com/

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