Avolon, the aircraft leasing company based in Dublin and Hongkong, issued a transaction report for the third quarter of 2016 (Q3). By the end of the Q3, the company has a portfolio of 432 owned and managed aircraft.

The third quarter was marked by two major transactions with a combined value of US$12 billion. The company had an agreement to acquire a portfolio of 45 aircraft from GECAS for US$2 billion, and agreement to acquire aircraft leasing business of CIT Group for US$10 billion.

During the Q3, the company delivered 31 aircraft, including 22 from the GECAS portfolio, to 19 customers. It also sold 11 aircraft, 7 aircraft from owned fleet and 4 aircraft from managed fleet. At the same time, letters of intent were executed for sale of a further 13 aircraft.

Avolon also increased secured and unsecured committed debt facilities by a total of over US$1 billion in the period, further strengthening the balance sheet and providing additional liquidity to accelerate growth. The company has secured commitment for US$8.5 billion of debt finance, underwritten by Morgan Stanley and UBS, for the acquisition of the CIT Group aircraft leasing business.

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Avolon Holdings, an international aircraft leasing company, announces an agreement to acquire the aircraft leasing business of CIT Group, CIT Commercial Air, valued at over $43 billion (€38.67 billion).
 

The company added that 23 aircraft from the GECAS portfolio are scheduled to be delivered in the fourth quarter of 2016. As of 30th September 2016, Avolon has a customer base of 84 airlines in 40 countries.