Avolon delivered 31 aircraft in Q3 2016
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.
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.
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