Avolon adds 61 aircraft commitments in six months

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Dublin based operating lessor Avolon says its committed fleet has increased to 164 aircraft, including 160 owned and four managed.

This compares with 103 aircraft at the end of the first quarter of this year.

Between April and September 2012 , the lessor delivered 24 aircraft, valued at over $1.1 billion to 12 customers including seven new clients.

During the period, Avolon delivered four new Boieng 737-800s of its existing order and announced a further order for 10 737-800s to support its near-term growth plans. In the summer Avolon announced orders for 15 Airbus A320neo and 20 Boeing 737 Max aircraft but the lessor also completed the sale of two aircraft on long-term leases to two new investor clients.

Dómhnal Slattery, Avolon chief executive officer, comments:  "Our progress in building a leading global aircraft leasing platform continues to accelerate. In the two and a half years since launch we have built the world's youngest lessor fleet comprising over 160 young, fuel-efficient aircraft, including an order for 35 new technology Airbus A320neo and Boeing 737 Max aircraft. Alongside our recent new order activity we have continued to remain very active in the sale and lease-back market; in the third quarter alone we underwrote over $800 million of new aircraft financing for carriers in the USA, Europe and Asia covering single-aisle and twin-aisle aircraft that will deliver later this year and in 2013".

Committed capital now stands at $5 billion, including $1.4 billion equity and $3.6 billion debt, after the lessor raised $400 million in the second and third quarter of this year. The lessor says it secured financing commitments from three new lending banks - Avolon now has a global lending group of 22 institutions.

"This impressive growth has been built on the back of our robust capital position and the continued strong support of our owners and lenders. We continue to see attractive investment opportunities for well-capitalised lessors with the global reach and execution capability to capture them. We remain firmly on track to build Avolon into one of the world's leading aircraft leasing businesses."