Itasca MGA supports Virgin Atlantic with delivering its final A350-1000 aircraft
Itasca MGA Limited, a specialist aviation-focused managing general agent (MGA) has supported Virgin Atlantic for an insurance-backed financing solution for delivering its final A350-1000 aircraft.
The MGA stated that the policy underwritten by the company has helped enable the airline to acquire and finance the new fuel-efficient A350-1000 aircraft efficiently.
This in turn also supports Virgin Atlantic’s sustainability ambitions of achieving net zero by 2050 while becoming sustainably profitable, continuing to serve as one of the leading long-haul, transatlantic premium carriers from London Heathrow, the company stated.
La Banque Postale, MUFG and Natixis CIB acted as senior lenders and mandated lead arrangers in the finance lease transaction, which was structured as a French-optimized lease, combined with an Itasca MGA underwritten senior loan.
Additionally, a junior loan was provided by Tamweel Aviation Finance which was arranged and structured by Novus Aviation Capital.
The aircraft, G-VELJ was delivered to Virgin Atlantic on 24th May 2024. Itasca MGA was established by alternative investment manager Castlelake and Pine Walk Capital, a wholly owned subsidiary of The Fidelis Partnership.
Ansar Hussain, Vice President, 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 with Itasca MGA, MUFG, Natixis, La Banque Postale and Novus Aviation Capital.
“The Airbus A350 plays a significant role in our fleet transformation, enabling us to fly one of the youngest, cleanest fleets which is now fully financed through to Q4’25.”
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