RMB’s aviation finance team has successfully granted a junior loan advance into an offshore finance lease structure, whereby Virgin Atlantic Airways acquired a new Airbus A350-1000 aircraft as part of their fleet renewal programme to modernise and reduce fuel burn.
This was completed alongside Apple Bank as senior lender, guaranteed by ACG from the US. The specific aircraft funded was the second delivery of the A350 type, for which the airline has a total order of 12 over the next few years.
Another junior loan is being concluded by RMB for the 4th aircraft delivery in their schedule, which includes Bank of China as the senior lender partner. The A350 will enable Virgin to compete aggressively on the highly competitive transatlantic route between London and New York.
Wouter du Preez, aviation finance transactor at RMB talks to Moneyweb editor, Ryk van Niekerk, about this deal in more detail.
For more information, click here.
Brought to you by Rand Merchant Bank (RMB).
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