March 16, 2020 / 9:44 PM / 14 days ago

BRIEF-Southwest Airlines Is Withdrawing Previous 2020 Financial Guidance

March 16 (Reuters) - Southwest Airlines Co:

* SOUTHWEST AIRLINES CO - ON MARCH 12, ENTERED INTO A NEW $1.0 BILLION 364-DAY TERM LOAN CREDIT FACILITY AGREEMENT

* SOUTHWEST AIRLINES CO - ON MARCH 16, DREW DOWN FULL $1.0 BILLION ON ITS $1.0 BILLION UNSECURED REVOLVING CREDIT FACILITY EXPIRING IN AUGUST 2022

* SOUTHWEST AIRLINES - MONTH-TO-DATE LOAD FACTOR THROUGH MARCH 15, 2020, WAS ABOUT 67%, WITH RECENT DAYS TRENDING TOWARD 50%

* SOUTHWEST AIRLINES - BASED ON CURRENT BOOKING & CANCELLATION TRENDS, EXPECT REVENUE TRENDS FOR REMAINDER OF MARCH & Q2 2020 TO DETERIORATE FURTHER

* SOUTHWEST AIRLINES - WILL SOON REDUCE ITS PUBLISHED FLIGHT SCHEDULES, WHICH WILL REDUCE ASMS BY AT LEAST 20% FOR APRIL 14 THROUGH JUNE 5, 2020

* SOUTHWEST AIRLINES CO - INSTITUTING A HIRING FREEZE

* SOUTHWEST AIRLINES CO - FLIGHT SCHEDULE REDUCTIONS ARE IN ADDITION TO EXISTING CAPACITY IMPACT DUE TO BOEING 737 MAX GROUNDINGS

* SOUTHWEST AIRLINES CO - OFFERING VOLUNTARY LEAVE OPTIONS FOR EMPLOYEES

* SOUTHWEST AIRLINES CO - CONTINUES TO EVALUATE FURTHER FLIGHT SCHEDULE REDUCTIONS

* SOUTHWEST AIRLINES - AGGRESSIVELY EVALUATING ALL CAPITAL SPENDING, DISCRETIONARY SPENDING, NON-ESSENTIAL COSTS FOR NEAR-TERM COST REDUCTIONS/DEFERRALS

* SOUTHWEST AIRLINES CO - CURRENT UNRESTRICTED CASH BALANCE IS ESTIMATED TO BE ABOUT $6.2 BILLION

* SOUTHWEST AIRLINES CO - CURRENTLY HAS ABOUT 525 UNENCUMBERED AIRCRAFT VALUED AT ABOUT $10 BILLION

* SOUTHWEST AIRLINES CO - UPON COMPLETION OF CURRENT SHARE REPURCHASE PROGRAM, WILL SUSPEND FURTHER SHARE REPURCHASES

* SOUTHWEST AIRLINES CO - WITHDRAWING PREVIOUS 2020 FINANCIAL GUIDANCE DUE TO RAPIDLY CHANGING ENVIRONMENT AS COVID-19 PANDEMIC EVOLVES Source text for Eikon: Further company coverage:

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