Delta Air Lines said it plans to borrow $6.5 billion using its SkyMiles loyalty program as collateral, to help it navigate financial hardships brought on by the pandemic. The carrier said it will sell senior secured notes and enter into a credit facility, both supported by funds from the frequent flyer program. The final terms and amounts of the notes and the new credit facility are subject to market and other conditions and may be materially different than expectations, Delta said in a statement. The carrier expects to use the proceeds of the notes and new credit facility, according to the statement, for general corporate purposes and to bolster its liquidity position. The airline said it expects capacity to be 60% lower this month compared with last year, with significant declines in international and domestic travel. United and American Airlines said earlier this summer they would use their frequent flyer programs to borrow $5 billion in loans.