Avolon reports loss for first quarter 2021

Avolon has reported an $83 million loss for the first quarter (Q1) of 2021 as lease revenue declined to $470million from $644 million a year ago. The leasing company ended the quarter with $7.1bn of total available liquidity, including $2.2bn of unrestricted cash and $4.8bn of undrawn debt facilities. During the period, Avolon raised $1.5bn of senior unsecured notes at historically low coupon rates of 2.125% and 2.75% for 2026 and 2028 maturities respectively; and ended the quarter with a secured debt to total assets ratio of 23%, and $17.4 billion of unencumbered assets. Avolon has an owned and managed