Thursday 19 September 2019

Avolon executes eighth lease deals in quarter

Avolon chief executive Domhnal Slattery. Photo: Bloomberg
Avolon chief executive Domhnal Slattery. Photo: Bloomberg
John Mulligan

John Mulligan

Dublin-based aircraft lessor Avolon executed eight lease transactions in the first quarter, and delivered 12 new aircraft to customers, it said in an update yesterday.

The company said it sold 20 jets in the first three months of the year, which included 10 regional aircraft.

Avolon is the world’s third-largest aircraft lessor, with an owned and managed fleet of 553 aircraft and orders for 398. Its total fleet size at the end of the quarter compared to 903 at the end of the first quarter last year.

Also during the first quarter, Avolon closed a private offering of $1.1bn of senior unsecured notes, which was up-sized from an initial $750m target size.

It also closed an inaugural $500m, three-year unsecured term loan facility, which was also upsized.

The lessor said it has made continued progress towards achieving an investment grade rating, something it expects to obtain by the end of this year.

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