Virgin Atlantic has accomplished “financing transactions” relating to 2 Boeing 787 plane in partnership with Griffin International Asset Administration and Bain Capital Credit score.
The service stated the sale and leaseback offers would additional strengthen its stability sheet.
Virgin Atlantic accomplished a privately funded, solvent recapitalisation in September final 12 months because it sought to outlive a digital shutdown of journey following the Covid-19 pandemic.
This newest financing alternative – a primary for Griffin International Asset Administration – permits the airline to pay down debt and enhance its money place because it enters 2021.
With the mass roll out of efficient vaccines on the horizon, the implementation of testing regimes and a discount in UK quarantine coverage, buyer demand for journey in 2021 has been progressively returning, Virgin stated.
In the meantime, on the again of a document 2020, Virgin Atlantic Cargo continues to maintain world provide chains working by transporting very important medical provides, guaranteeing the airline performs a central function in supporting the trouble to avoid wasting lives.
Oliver Byers, chief monetary officer, Virgin Atlantic, stated: “For the reason that starting of the disaster, now we have taken decisive motion to cut back our prices, protect money and shield as many roles as attainable.
“As supplied for within the current privately funded solvent recapitalisation of the airline, now we have continued to discover further financing alternatives to strengthen our stability sheet into the brand new 12 months.”
He added: “We’re proud to be partnering with Griffin on this financing alternative concerning two of our Boeing 787-900s.
“Their flexibility and velocity have been notably spectacular and we welcome this present of confidence from our new companions.
“This deal will enable Virgin Atlantic to additional bolster our money place and we’re assured that we’ll emerge a sustainably worthwhile airline, with a wholesome stability sheet.”