London, 20 November 2024. volofin Capital Management Ltd (“volofin”) a London based aircraft and engine alternative lender, backed by Delaware Life Insurance Company (a Group 1001 company), is pleased to announce the structuring and closing of a spares inventory financing facility for Virgin Atlantic for up to US$100m. Acting as the sole arranger, volofin structured the financing, secured against the airline’s entire spares inventory consisting of a mix of rotables, consumables and expendables. The inventory plays a crucial role in maintaining Virgin Atlantic’s fleet reliability and is essential for the ongoing maintenance and punctual on time despatch for the airline.

The transaction marks the first time volofin has provided a loan facility secured against a package of spares, which by definition is a constantly changing inventory being used by the airline in day-to-day operations.

Jan Bockelmann, Managing Director of volofin Capital Management, commented, “We are very pleased to have closed this innovative and complex transaction with Virgin Atlantic. It was a pleasure to deal with the Virgin Atlantic team on this deal and work in collaboration to close this finance within a certain timeframe. Whilst it marks the start of an important relationship with Virgin Atlantic, it also underlines volofin’s commitment to support and finance lessors; MROs and airlines across the industry with facilities backed by specialised transportation assets of diFering types.”

Jamie Millard, Managing Director of Group 1001,added, “We’re excited to showcase volofin’s unique structuring capabilities and thrilled to partner with a high-quality airline like Virgin Atlantic. All parties brought a collaborative approach to finding a creative solution . We look forward to building on this relationship going forward.”

Ansar Hussain, VP Corporate Finance, Virgin Atlantic, commented, “Virgin Atlantic has been committed to innovation and collaborating with the best partners since 1984, as demonstrated by this latest partnership, We are pleased to have worked with volofin on this transaction, with the financing being testament to the high-quality asset base of the airline as we continue in our mission to fly one of the youngest, most fuel efficient and next generation fleets across the transatlantic.”

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