Virgin Galactic announced capital realignment transactions related to its 2027 Convertible Notes.
The final maturity of the New Notes has been extended to December 31, 2028.
Capital realignment reduces outstanding principal amount of indebtedness to $273M from $425M.
Debt Reduction
Transactions will reduce indebtedness by approximately $152 million.
Maturity Extension
Majority of remaining debt's maturity extended to the second half of 2028.
Equity Issuance
Issuance of shares and warrants in a Registered Offering and Private Placement.
- Aligning debt repayment schedule with growth plans for Spaceline commercial operations.
- Significant reduction in outstanding principal amount of indebtedness.
- Expected positive impact on the Company's financial position and future growth.
Virgin Galactic's capital realignment transactions mark a strategic move to strengthen its financial position and support future growth in its commercial operations.