Virgin Galactic Holdings Inc. has completed a series of privately negotiated repurchase agreements with select holders of its 2.50% convertible senior notes due 2027, repurchasing approximately $354.6 million in aggregate principal amount of these notes. The company financed these repurchases with cash proceeds from a registered offering and a private placement. Concurrently, Virgin Galactic entered into subscription agreements with certain investors, issuing new notes pursuant to an indenture agreement, as well as purchase warrants. The new financing arrangements include customary covenants and restrictions, and specify events of default that could make the principal and accrued interest immediately due and payable.
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