Created: Jun 02, 2024 02:00 PM
Virgin Atlantic soars on coverage underwritten by Bermudian-based Itasca MGA (File {photograph})
Bermudian-based Itasca MGA Ltd, the aviation-focused managing normal agent, has supported Virgin Atlantic in respect of an insurance-backed financing resolution for supply of its closing A350-1000 plane.
The corporate stated the coverage underwritten by Itasca MGA helped allow the airline to effectively purchase and finance the brand new fuel-efficient A350-1000 plane, which helps Virgin Atlantic’s sustainability ambitions of reaching web zero by 2050 whereas changing into sustainably worthwhile, persevering with to function one of many main long-haul, transatlantic premium carriers from London Heathrow.
La Banque Postale, MUFG and Natixis CIB acted as senior lenders and mandated lead arrangers within the finance lease transaction, which was structured as a French optimised lease, mixed with an Itasca MGA underwritten senior mortgage.
As well as, a junior mortgage was supplied by Tamweel Aviation Finance which was organized and structured by Novus Aviation Capital.
The plane, G-VELJ was delivered to Virgin Atlantic on Could 24.