Overview
- The airline obtained a $745 million senior secured facility from Apollo, using 27 of its 31 Heathrow landing slots as collateral.
- Proceeds will retire legacy debt and fund cabin upgrades, including a full Boeing 787-9 refurbishment through 2028 with expanded Upper Class and Premium seating.
- Virgin will roll out free, streaming-quality onboard wifi powered by Starlink across its fleet.
- Ten Airbus A330neo aircraft are expected to join the fleet next year with new cabins featuring retreat suites.
- Executives described the transaction as a milestone and a bespoke asset-backed financing, following Virgin’s 2024 return to a £20 million profit and Apollo’s recent UK lending push.