Virgin Galactic announced it has successfully redeemed a portion of its debt as part of a strategy to improve liquidity and financial flexibility. The company exchanged $30.5 million of its First Lien Notes for common stock, a move intended to reduce ongoing cash interest obligations as it prepares for commercial operations in Q4 2026.
Key Details
- Transaction: Redeemed $30,524,000 in principal amount of its 9.80% First Lien Notes due 2028.
- Terms: The redemption was completed by issuing 6,734,960 shares of the company's common stock to the noteholders on June 10, 2026.
- Remaining Debt: Following the transaction, approximately $172 million in aggregate principal amount of the First Lien Notes remains outstanding.