Avolon provides Q1 2017 business update

Eleanor Steed
By Eleanor Steed April 18, 2017 12:06

Avolon provides Q1 2017 business update

During the first quarter of 2017, Avolon completed the acquisition of the CIT Group aircraft leasing business (CIT Aviation) and the Dublin-based lessor has provided an update on the activity of both Avolon and CIT Aviation during the quarter and the pro-forma combined fleet details for the end of the quarter.

During the period, Avolon raised $8.5 billion in the public capital markets to finance the acquisition of CIT Aviation, and increased its debt facilities by c. US$420 million during the quarter providing additional financial flexibility. The entity was rated by all three agencies: Fitch (BB), Moody’s (Ba3) and S&P Global (BB+).

The pro-forma combined businesses delivered a total of 17 aircraft in Q1 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 combined owned and managed fleet stands at 565 aircraft at the end of Q1 2017, which is more than double Avolon’s Q1 2016 fleet. Avolon’s owned, managed and committed fleet of 850 aircraft at end of Q1 is again more than double Avolon’s Q1 2016 fleet. The average owned fleet age is 4.9 years with average remaining lease term of 6.7 years.

Eleanor Steed
By Eleanor Steed April 18, 2017 12:06