Virgin Atlantic has announced the completion of financing transactions relating to two Boeing 787 aircraft, further strengthening its balance sheet, in partnership with Griffin Global Asset Management and Bain Capital Credit.
On 4 September 2020, Virgin Atlantic achieved the privately funded, solvent recapitalisation of the airline to ensure that it continues to provide essential connectivity and competition to customers in the UK and beyond. This latest financing opportunity – a first for Griffin Global Asset Management – allows the airline to pay down debt and improve its cash position as it enters 2021, to further strengthen the airline’s resilience until passenger flying resumes at scale.
With the mass roll out of effective vaccines on the horizon, the implementation of testing regimes and a reduction in UK quarantine policy, customer demand for travel in 2021 has been gradually returning. Meanwhile, on the back of a record 2020, Virgin Atlantic Cargo continues to keep global supply chains running by transporting vital medical supplies, ensuring the airline plays a central role in supporting the effort to save lives.
Oliver Byers, Chief Financial Officer, Virgin Atlantic said: “Since the beginning of the crisis, we have taken decisive action to reduce our costs, preserve cash and protect as many jobs as possible. As provided for in the recent privately funded solvent recapitalisation of the airline, we have continued to explore additional financing opportunities to strengthen our balance sheet into the new year.
“We are proud to be partnering with Griffin on this financing opportunity regarding two of our Boeing 787-900s. Their flexibility and speed has been particularly impressive and we welcome this show of confidence from our new partners. This deal will allow Virgin Atlantic to further bolster our cash position and we are confident that we will emerge a sustainably profitable airline, with a healthy balance sheet.”
Ryan McKenna, Chief Executive Officer of Griffin Global Asset Management (Servicer) said:
“The Virgin Atlantic team has taken impressive steps to strengthen their business throughout this very challenging period and we are confident that they are positioned to outperform going forward. The Griffin and Bain Capital teams are excited to contribute to Virgin’s success for many years to come.”
Marc Baer, President of Griffin Global Asset Management (Servicer) said: “We have had a longstanding relationship with Virgin Atlantic and are very pleased to provide this creative financing solution that will reinforce their strong competitive position in the market. The talent and professionalism of the Virgin Atlantic Team is commendable, and their collaboration with us allowed the transaction to come together expeditiously.”
For further details on the topic, please click here.
For the latest travel news and updates, Follow and connect with us on Facebook, Twitter and Linkedin!
Also Read – India’s First Air Taxi Service Launched Between Chandigarh And Hisar, Details Here
