Actionable news
All posts from Actionable news
Actionable news in VA: VIRGIN AMERICA Inc,

Entry into a Material Definitive

Virgin America Inc., (the Company) hasentered into an Aircraft Lease Agreement, dated as of October 5, 2015, with VX 2015 LLC, a Delaware limited liability company, which is a special purpose entity (the 2015 Lessor) established to allow the Company to obtain financing for, among others,an Airbus A320-214aircraft scheduled for deliveryunder the Company's existing purchase agreement with Airbus February 2016. New York Life Insurance Company and its affiliates, as initial senior purchasers, and Investec Bank plc, as initial junior purchaser, are purchasing up to $39.25 million of notes issued by the 2015 Lessor pursuant to a Note Purchase Agreement dated as of October 5, 2015 (the NYL Note Purchase Agreement). Each note under the NYL Note Purchase Agreement will be issued on or about the delivery date of the aircraft and will be secured by a first-priority security interest in the aircraft. Bank of Utah will act as security trustee. Each note will amortize quarterlyon a mortgage-style basis, with senior notes having a 12-year term and junior noteshaving a 7-year term. Notes will bearinterest payable quarterlyon a fixed rate basis and will bear interest based on the sum of (i) the...