Transaction Announcement
Virgin Galactic Holdings, Inc. (“Virgin Galactic”), a space travel company pioneering human spaceflight for private individuals and researchers, successfully completed a recapitalization through a series of privately negotiated debt, equity, and warrant transactions. The transactions significantly strengthened Virgin Galactic’s balance sheet and aligned the Company’s capital structure obligations with its schedule for the design and production of next-generation spacecraft and planned continuation of commercial service.
GLC served as Financial Advisor to Virgin Galactic in connection with the transactions, which closed in late December 2025. The transactions reduced the Company’s outstanding debt from $425mm to $283mm and extended the maturity on most of its debt to late 2028.
As part of the transactions, the Company repurchased and retired $355mm of its $425mm convertible notes due February 2027 for $321mm in cash consideration. Concurrently, the Company issued and sold for cash a combination of $212mm in new first lien notes due December 2028, $46mm in common equity and pre-funded warrants, and $63mm in warrants ($321mm aggregate proceeds) to the institutions that participated in the convertible note repurchase.
GLC Advisors Overview
GLC Advisors & Co. is a leading independent investment banking advisory firm, delivering objective, senior-level expertise to successfully execute lower middle market to large cap financial advisory engagements for our clients. Founded in 2009, GLC delivers conflict-free counsel on restructurings and other complex or special situation mandates. Today, GLC serves clients in a variety of advisory capacities including mergers & acquisitions, equity and debt capital advisories, restructurings and recapitalizations, fairness opinions, and valuations. Our offices are located in New York, Denver, Los Angeles, and San Francisco.
Deal Team
Jeff Raithel
Managing Director / Los Angeles
John Hill – PENDING
Director
Alex McLaughlin – PENDING
Associate
Chloe Sileno – PENDING
Analyst
