Virgin Australia completes USD220m note issue to support Velocity acquisition

Virgin Australia completed (26-Nov-2019) the offer of Virgin Australia Notes and issued 3.25 million notes to successful applicants at AUD100 (USD67.6) each, raising AUD325 million (USD219.8 million). Holders of notes will receive an interest payment of AUD4 (USD2.7) per note on 26-May-2020. AUD950 million (USD642.6 million) of aggregate proceeds from the offer and an offer of US notes will be used to fund Virgin Australia's acquisition of Connectivity Pte Ltd's (Affinity's) approximate 35% minority investment in Velocity Frequent Flyer for approximately AUD700 million (USD473.5 million). Surplus proceeds from the offer and US notes offer will be used for general corporate purposes. [more - original PR] [more - original PR - II] [more - original PR - III]