Virgin Galactic repurchases ~$354.6M of 2.50% notes; issues $212.5M 9.80% first lien notes

Virgin Galactic Holdings, Inc

Repurchased ~$354.6M of existing 2.50% convertible notes due 2027, reducing outstanding from $425M to ~$70.4M.
Raised cash via registered direct offering of 2.2M shares and pre-funded warrants for 8.4M shares.
Issued $212.5M of 9.80% First Lien Notes due 2028 in private placement, plus warrants to purchase 31.7M shares at $6.696.
New Notes secured by first-priority liens on substantially all assets; mandatory redemption of ~$30.4M by Sep 30, 2026.
No underwriting fees; transactions closed December 18, 2025.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Virgin Galactic Holdings, Inc incurred senior notes of $212.5 million with Wilmington Savings Fund Society, FSB at 9.80% maturing December 31, 2028.

Instrument: senior notes
Principal: $212.5 million
Counterparty: Wilmington Savings Fund Society, FSB
Rate: 9.80%
Maturity: December 31, 2028
Event: incurrence

Exact text from the filing

the Company issued and sold for cash, in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), (i) approximately $212.5 million aggregate principal amount of a new series of its 9.80% First Lien Notes due 2028 (the “New Notes”)

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Virgin Galactic Holdings, Inc filing history →

Source: SEC EDGAR

accession 0001193125-25-325124

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