Virgin Atlantic has secured a $745 million loan from American asset management firm Apollo Global Management , using its take-off and landing slots at London Heathrow Airport as collateral. The airline plans to use the funds to strengthen its balance sheet, notably using about $180 million of the funds to pay down a similar slot-secured loan that it took out in 2015.

Virgin Atlantic says that it plans to use the balance of the funds for major upgrades to its customer experience. This includes a "complete refurbishment" of its Boeing 787 fleet, as well as expanded premium seating on its incoming Airbus A330neos. It will also use the funds to finance the installation of free on-board Wi-Fi across its fleet, set to be completed by 2027.

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