Virgin Atlantic has borrowed $745mn against the value of its landing slots at Heathrow to spend on cabin upgrades including Starlink WiFi in a deal with US private capital firm Apollo.
The airline will use the funds to add cash to its balance sheet, pay down £180mn from a previous debt transaction and fund an upgrade programme worth hundreds of millions of dollars on its aircraft.
Virgin is planning a complete refurbishment of its Boeing 787-9 fleet, including upgraded interiors and expanded upper-class and premium cabins from 2028.
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