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Virgin Galactic stock falls after plans to raise $500 million in debt

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Spacecraft VSS Unity lands on the runway at Spaceport America in New Mexico after the company’s fourth spaceflight test on July 11, 2021.

Virgin Galactic

Shares of Virgin Galactic fell in trading on Thursday after the company announced plans to raise up to $500 million in debt.

“The company intends to use the net proceeds from the offering to fund working capital, general and administrative matters and capital expenditures to accelerate the development of its spacecraft fleet,” Virgin Galactic said in a press release.

The company intends to raise $425 million from the sale of 2027 convertible senior notes through a private offering, with an additional $75 million option also expected to be…



Source cnbc.com

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