Avolon, an aircraft leasing company based in Dublin and Hong Kong, reported that in the first quarter of 2017 it has completed the acquisition of the CIT Group aircraft leasing business (CIT Aviation) on April 4, 2017. The pro-forma combined businesses delivered a total of 17 aircraft in the first quarter and sold 20 aircraft, including three managed aircraft.

Avolon and CIT Aviation also completed a total of 21 lease transactions in the quarter comprising new aircraft leases, secondary leases and lease extensions.

The company‘s financial performance highlighted the $8.5 billion raised in public capital markets to finance the acquisition of CIT Aviation. At the same time, Avolon increased debt facilities by c. $420 million during the quarter providing additional financial flexibility.

The lessor also announced the receipt of corporate/issuer credit ratings from Fitch (BB), Moody’s (Ba3) and S&P Global (BB+) and published new ‘White Paper’ – The Land of Silk and Money – which explores the development, growth and gradual maturing of China’s domestic airline industry.

On the 4th of April 2017, CIT Group (CIT) announced that it completed the sale of its commercial aircraft leasing business to Avolon Holdings Limited ( Avolon ), the international aircraft leasing company and wholly-owned subsidiary of Bohai Capital Holding, for a purchase price of $10.4 billion.

Combined owned and managed fleet reached 565 aircraft at end of the first quarter of 2017, more than double Avolon’s first quarter of 2016 fleet.

At the same time, the combined owned, managed and committed fleet was 850 aircraft at end of the first quarter, with the total customer base of 150 airlines in 63 countries.

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