London—Dentons has advised Virgin Atlantic Airways Ltd on its three-year, US$150m secured syndicated revolving credit facility with options to increase to US$350 million and extend the term to five years.

The facility, which is secured against aircraft and engines, will be used to help the airline invest in its customer experience and plan for future growth, including the pre-delivery payments on Virgin Atlantic’s order of new A350-1000 aircraft due from 2019.

The facility was arranged by Lloyds Bank and includes a syndicate of six leading banks.

The facility follows a senior secured note financing transaction undertaken by Virgin Atlantic on its Heathrow slot portfolio in December 2015, which was the first transaction of this type in Europe.

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