Apollo and Virgin Atlantic Airways have announced the completion of a $745 million senior secured financing, backed by Virgin Atlantic’s portfolio of take‑off and landing slots at London Heathrow.
The transaction will strengthen Virgin Atlantic’s balance sheet and fund continued investment in its premium customer experience. Key initiatives include:
- A full refurbishment of the Boeing 787‑9 fleet, with upgraded interiors and expanded Upper Class and Premium cabins from 2028.
- Delivery of ten new Airbus A330neo aircraft from Q3 2026, featuring larger premium cabins and six Retreat Suites.
- Rollout of free, streaming‑quality Wi‑Fi powered by Starlink across the entire fleet.
Apollo Partner Ben Eppley commented: “We are pleased to partner with Virgin Atlantic on this transaction, which demonstrates our ability to provide bespoke, scaled financing solutions to leading businesses.”
Apollo Partner Samuele Cappelletti added: “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.”
Virgin Atlantic CEO Shai Weiss described the agreement as a milestone: “We’re delighted to partner with Apollo on this transaction, and for their confidence in Virgin Atlantic, as we invest in delivering the best experience in the skies for our guests. From flying the youngest fleet across the Atlantic as the first UK airline to have free, streaming quality Wi‑Fi, to introducing larger premium cabins and a full retrofit of our 787 fleet. The best is yet to come.”
Advisors on the deal included Gibson Dunn (legal counsel to Apollo), Apollo Capital Solutions Europe B.V. (arrangement services), Redding Ridge Asset Management (rating advisory), Citigroup (placement agent and transaction advisor), and Herbert Smith Freehills Kramer (legal counsel to Virgin Atlantic).
Founded by Sir Richard Branson in 1984, Virgin Atlantic remains majority‑owned by Virgin Group (51%), with Delta Air Lines holding a 49% stake. The airline continues to focus on innovation, sustainability, and customer service as it strengthens its transatlantic network.