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Avolon continued to grow portfolio in Q3

Aircraft lessor Avolon's portfolio grew to 527 aircraft at the end of September, up 3% year-on-year as it delivered eight new jets.

At the end of the quarter, the Dublin-based lessor also had commitments and orders on a further 387 aircraft.

Over the three months it sold 10 aircraft, three of which were from its managed fleet, while it lost one aircraft that was declared an insured total loss. Four other aircraft were redelivered.

In total, it executed 21 lease transactions, including lease extensions.

Financial highlights include upsizing an unsecured revolving credit facility by $225 million to over $3 billion during the quarter. This represents a $1.24 billion increase since the third quarter of 2018, up 69%.

Furthermore, Avolon extended the maturity of the same facility by 21 months to April 2024, while reducing the margin against the company’s investment grade corporate ratings profile.

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