ATLANTA --

Delta Air Lines Inc. says it has closed on $2.1 billion worth of financing, which will help with the major debt payments it has due next year.

The world's biggest airline says it refinanced about $1.5 billion in debt from Northwest Airlines, which it acquired last year. It says the transaction generated another $600 million in cash. The transactions were first announced earlier this month.

Delta says the loans address more than 40 percent of the debt that comes due next year. It says the whole transaction has an effective interest rate of 9.2 percent.

Delta says it expects to end the quarter on Wednesday with $5.6 billion in cash.

The new debt is secured by Delta's Pacific routes, including route authorities, slots, and gate leases.