Apollo and Virgin Atlantic Airways announced that Apollo-managed funds and affiliates have completed a $745 million senior secured financing of Virgin Atlantic’s portfolio of take-off and landing slots at London Heathrow, one of the world’s busiest airports.
The proceeds from the financing will further strengthen Virgin Atlantic’s balance sheet and fund the airline’s continued investment in its award-winning premium customer experience. This includes the complete refurbishment of its Boeing 787-9 fleet, introducing upgraded interiors and expanded Upper-Class and Premium cabins from 2028. From the third quarter of 2026, ten new Airbus A330neo aircraft will also join the fleet, featuring expanded premium cabins and six luxurious Retreat Suites. In addition, the financing supports Virgin Atlantic’s commitment to service and product innovation, enabling the rollout of free, streaming quality Wi-Fi powered by Starlink across the entire fleet.
“We are pleased to partner with Virgin Atlantic on this transaction, which demonstrates our ability to provide bespoke, scaled financing solutions to leading businesses,” commented Apollo Partner Ben Eppley.
“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,” said Apollo Partner Samuele Cappelletti.
Shai Weiss, CEO, Virgin Atlantic said, “Today’s agreement marks an important milestone as we continue to strengthen our balance sheet and deliver on our vision to become the most loved travel company. 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.”
Gibson Dunn acted as legal counsel to the Apollo-managed funds and affiliates, while Apollo Capital Solutions Europe B.V. provided arrangement services. Redding Ridge Asset Management provided rating advisory solutions in support of the transaction. Citigroup acted as placement agent, as well as transaction and rating advisor, and Herbert Smith Freehills Kramer acted as legal advisors, respectively, to Virgin Atlantic.
Virgin Atlantic was founded by entrepreneur Sir Richard Branson in 1984, with innovation and amazing customer service at its core. Virgin Group retains a 51% share, with Delta Air Lines retaining a 49% share.
