UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 8, 2020
SOUTHWEST AIRLINES CO.
(Exact name of registrant as specified in its charter)
| | | | |
Texas | | 1-7259 | | 74-1563240 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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| | P.O. Box 36611, Dallas, Texas | | 75235-1611 |
| | (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (214) 792-4000
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | |
Title of each class | | Trading Symbol | | Name of each exchange on which registered |
Common Stock ($1.00 par value) | | LUV | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01. | Entry into a Material Definitive Agreement |
On June 8, 2020, Southwest Airlines Co. (the “Company”) completed the public offering of $1,800,000,000 aggregate principal amount of debt securities, consisting of $500,000,000 aggregate principal amount of the Company’s 4.750% Notes due 2023 (the “2023 Notes”) and $1,300,000,000 aggregate principal amount of the Company’s 5.125% Notes due 2027 (the “2027 Notes” and together with the 2023 Notes, the “Notes”). The 2023 Notes were offered as an additional issuance of the Company’s 4.750% Notes due 2023, of which the Company issued $750,000,000 aggregate principal amount on May 4, 2020.
The Notes were issued under an indenture, dated as of September 17, 2004 (the “Base Indenture”), between the Company and Wells Fargo Bank, N.A., as trustee, as supplemented by those certain officers’ certificates of the Company, dated May 4, 2020 and June 8, 2020 (the “Officers’ Certificates” and, together with the Base Indenture, the “Indenture”). A form of the Base Indenture was filed with the Securities and Exchange Commission (the “Commission”) as Exhibit 4.1 to the Company’s automatic shelf registration statement on Form S-3 (Registration No. 333-222963) (the “Registration Statement”), filed with the Commission on February 9, 2018.
The forms of the 2023 Notes and the 2027 Notes (together, the “Global Notes”) issued pursuant to the Indenture are filed herewith as Exhibits 4.1 and 4.2, respectively, and the terms and conditions thereof are incorporated by reference herein. The Global Notes are also filed with reference to, and are hereby incorporated by reference into, the Registration Statement.
The material terms of the Notes are described in the prospectus supplement, dated June 3, 2020, filed by the Company with the Commission on June 5, 2020, pursuant to Rule 424(b)(5) of the Securities Act of 1933, which relates to the offer and sale of the Notes and supplements the prospectus, dated February 9, 2018, that constitutes a part of the Registration Statement. The Notes have been issued pursuant to the Registration Statement.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
The Company completed its public offering of the Notes pursuant to the Underwriting Agreement filed as Exhibit 1.1 to this Current Report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
| | | | |
Exhibit
No. | | | Description |
| | | | | |
| | 1.1 | | | Underwriting Agreement, dated as of June 3, 2020, by and among the Company, Citigroup Global Markets Inc., BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC. |
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| | 4.1 | | | Form of Global Note representing all 4.750% Notes due 2023 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed May 4, 2020 (File No. 1-7259)). |
| | | | | |
| | 4.2 | | | Form of Global Note representing all 5.125% Notes due 2027. |
| | | | | |
| | 5.1 | | | Opinion of Vinson & Elkins L.L.P. |
| | | | | |
| | 23.1 | | | Consent of Vinson & Elkins L.L.P. (contained in Exhibit 5.1 hereto). |
| | | | | |
| | 104 | | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | SOUTHWEST AIRLINES CO. |
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Date: June 8, 2020 | | | | By: | | /s/ Mark R. Shaw |
| | | | Name: | | Mark R. Shaw |
| | | | Title: | | Executive Vice President, Chief Legal and Regulatory Officer |
