Pension Insurance Corporation has invested 拢75m (鈧�104m) in airline debt.
The UK pension buyout specialist, which insures defined benefit funds, bought debt issued by Virgin Atlantic Airways in the first investment of its kind.
Macquarie advised the investor.
The debt is secured by the airline鈥檚 portfolio of landing slots at London鈥檚 Heathrow Airport.
Virgin Atlantic issued 拢220m in senior notes.
PIC is the largest member of a consortium of lenders including Hastings Funds Management, Standard Life Investments and Edmond de Rothschild Asset Management.
Allen Twyning, head of debt origination at Pension Insurance Corporation, said: 鈥淭he structure benefits from many key features designed to protect investors, with a low initial loan-to-value ratio that decreases over time.
鈥淭he high demand for VAA鈥檚 predominantly trans-Atlantic slots underpins the strength of the transaction.鈥�
PIC 拢70m in secured debt funding retirement housing for the Church of England.
The company has in a social housing bond and London鈥檚 Thames Tideway project.
