UK carrier Virgin Atlantic has raised an additional £32 million ($39 million) and has extended its codeshare agreement with UK regional carrier Flybe.

Virgin raised the funding by extending a transaction secured on its London Heathrow slots that was announced a year ago. This was the first of a kind in Europe and has now been extended to £252 million.

“Proceeds of the financing will support Virgin Atlantic’s long-term investment program, including a fleet modernization, which sees all aircraft replaced in a decade—giving Virgin Atlantic one of the world’s youngest fleets. In 2016, the airline confirmed an order for 12 Airbus A350-1000s, of which it is purchasing eight outright,” Virgin Atlantic said in a statement issued Jan. 10.

Virgin Atlantic, which is part-owned by Delta Air Lines, will release its 2016 results in March and is expected to post a third consecutive year of profits. The all-long-haul airline flies to 33 destinations using a fleet of 39 Airbus A330-300s, A340-600s, Boeing 787s and 747s.

On Jan. 9, Virgin Atlantic also said it had extended a codeshare with Flybe to include flights between Scotland and Heathrow, specifically connecting Flybe’s services from Aberdeen and Edinburgh with Virgin Atlantic flights to Africa, Asia, the Middle East and the US from March 26.

“The extended codeshare agreement builds on the partnership we announced last year, which has proved popular with customers across the UK,” Virgin Atlantic VP commercial Erik Varwijk said.

Virgin Atlantic flies from London Heathrow to Atlanta, Boston, Delhi, Dubai, Hong Kong, Johannesburg, Lagos, Los Angeles, Miami, New York, San Francisco, Seattle, Shanghai and Washington. 

Victoria Moores victoria.moores@penton.com