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 provider stated the sale and leaseback offers would additional strengthen its steadiness sheet.
Virgin Atlantic accomplished a privately funded, solvent recapitalisation in September final yr 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 international provide chains operating by transporting very important medical provides, guaranteeing the airline performs a central position in supporting the trouble to avoid wasting lives.
Oliver Byers, chief monetary officer, Virgin Atlantic, stated: “For the reason that starting of the disaster, we’ve taken decisive motion to scale back our prices, protect money and shield as many roles as attainable.
“As supplied for within the latest privately funded solvent recapitalisation of the airline, we’ve continued to discover extra financing alternatives to strengthen our steadiness sheet into the brand new yr.”
He added: “We’re proud to be partnering with Griffin on this financing alternative concerning two of our Boeing 787-900s.
“Their flexibility and pace 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 steadiness sheet.”