Virgin Galactic issued a notice to redeem up to $10 million of its 9.80% First Lien Notes due 2028 on May 18, 2026, by issuing common stock, as part of capital management and cash preservation.
Key takeaways
Issued notice on April 30, 2026, to redeem up to $10M principal of 9.80% First Lien Notes due 2028 at 100% plus accrued interest.
Redemption on May 18, 2026, paid via common stock issuance based on 10-day VWAP per Indenture dated December 18, 2025.
Redemption amount may be less than $10M if VWAP falls below floor price; Company elected not to redeem such portions.
Mandatory redemption of $30.4M First Lien Notes required by September 30, 2026; this reduces that obligation.
Action reduces ongoing cash interest obligations ahead of December 31, 2028 maturity.
Part of strategy to improve liquidity and financial flexibility for Q4 2026 commercial operations.