Virgin Atlantic closes first ever JOLCO with FPG and DVB

Virgin Atlantic completed the closing of its first JOLCO financing at the end of April. The aircraft, a Boeing 787-9, was delivered to the UK’s second largest long-haul carrier in December 2015 and subsequently financed with a JOLCO arranged by FPG AIM and with the equity arranged and underwritten by FPG. The senior loan was arranged and underwritten by DVB Bank who is the sole lender in this transaction. MDT and Vedder Price acted as advisers for Virgin Atlantic and K&L Gates for FPG whilst Clifford Chance represented DVB.