Southwest Airlines Co. (LUV) completed a $1.5 billion debt offering on November 3, 2025, executed under an automatic shelf registration statement (Form S-3) and an Underwriting Agreement dated October 27, 2025. This action creates a direct financial obligation, increasing the company’s long-term liabilities. Legal counsel confirmed the securities are valid and binding obligations. The company represented that no Material Adverse Change (MAC) had occurred since its last reported financials.
The offering comprised two tranches, each for $750 million principal amount:
- **4.375% Notes due 2