Virgin Atlantic is to support investment in its fleet through a $745 million financing against the UK carrier’s valuable slot portfolio at London Heathrow.

The proceeds from the financing will be put towards improvements such as the refurbishment of its Boeing 787-9s – with new interiors from 2028 – and the introduction of 10 Airbus A330neos from the third quarter of next year.

Virgin Atlantic says the funds will also support the roll-out of wi-fi uprgrades.

In its most recent annual report, for 2024, Virgin Atlantic put the market value of its slot portfolio at £715 million ($943 million). It also mentioned that a “portion” of its long-term borrowings was secured against it.

Virgin 787-c-Virgin Atlantic

Chief executive Shai Weiss says the agreement is an “important milestone” and will strengthen the carrier’s balance sheet.

The secured financing has been arranged in partnership with Apollo-managed funds.

“This creative, asset-backed structure unlocks important capital investment for Virgin Atlantic – a strong, established brand that we believe is well-positioned for continued success with its differentiated offering in aviation,” says Apollo partner Samuele Cappelletti.

British Airways parent IAG has also previously used its London Heathrow and Gatwick slots as collateral for financing arrangements.





Source link

Posted in
Uncategorized
Related Posts
Limousine Comments are Closed

Plan the perfect NYC Memorial Day weekend

Pack only what you need and avoid overpacking to streamline the check-in and security screening…

News Comments are Closed

LA’s worst traffic areas and how to avoid them

Consider using alternative routes, such as Sepulveda Boulevard, which runs parallel to the 405 in…

Virgin Atlantic secures Heathrow slot-based financing for fleet investment

Virgin Atlantic is to support investment in its fleet through a $745 million financing against…

Fully-substituted MC-21 prototype flown to Zhukovsky for certification tests

United Aircraft has flown the latest, fully import-substituted Yakovlev MC-21 prototype to the test centre…

Western sanctions could accelerate Russian fighter aircraft production decline – RUSI analysis

A new analysis argues that the West could meaningfully accelerate Russia’s decline as a producer…

How regime change in Syria affected our annual World Air Forces fleet review

Significant combat action that has taken place around the globe over the past 12 months…

Crew of 737 flew at low height to correct approach after pressure-setting error

Czech investigators have disclosed that a Boeing 737 crew levelled the aircraft at a low…

Embraer’s KC-390 completes tanker certification trials with Brazilian Saab Gripen E fighters

The Brazilian air force (FAB), Embraer and Saab have completed a certification flight-test campaign to…

Stood down: which types departed national fleets during our World Air Forces review?

We detail some of the most notable national fleet retirements recorded in the 12 months…

UK regional Blue Islands suspends operations weeks after Eastern Airways

Another UK regional operator, Blue Islands, has suspended operations barely two weeks after the demise…

SJ-100’s domestic engines tested for resilience to water ingestion

United Aircraft has carried out water-ingestion tests on its initial import-substituted Yakovlev SJ-100, equipped with…

Wizz A321XLR’s descent rate increased just before hard landing and tail-strike

Czech investigators have disclosed that a Wizz Air UK Airbus A321XLR’s descent rate increased by…

Post a comment

Your email address will not be published.