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Avolon acquisitions boost 3Q statistics

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Published: October 29, 2016

Ireland-based lessor Avolon recorded a 67% increase in its fleet of owned, managed and committed airliners for 3Q 2016 compared to the same period a year ago, the company said.

The number of aircraft rose from 258 to 432. The past quarter has seen Avolon—recently acquired by Chinese company Bohai Leasing—take on 45 aircraft from the portfolio of fellow-lessor GECAS for $ 2 billion.

The last three months have also seen it make a $ 10 billion purchase of CIT Group’s leasing business, which will add a further 400-plus aircraft to its fleet when the deal is finalized.

In a 3Q trading update, Avolon said it delivered 31 aircraft over the past three months, including 22 from the GECAS portfolio, to 19 customers.

The company sold 11 aircraft, seven from its owned fleet and four from its managed fleet. Letters of intent were executed for sale of a further 13 aircraft.

Avolon added that it had increased secured and unsecured committed debt facilities by more than $ 1 billion in the period, strengthening its balance sheet and providing additional liquidity to accelerate growth.

Also secured was a commitment for $ 8.5 billion of debt finance, underwritten by Morgan Stanley and UBS, for the acquisition of the CIT Group business.

Avolon said 23 aircraft from the GECAS portfolio are scheduled to be delivered in 4Q.

The average age of Avolon’s owned fleet is 3.2 years, with an average remaining lease term of 7.5 years at end of 33. Its customer base increased to 84 airlines in 40 countries.

Alan Dron alandron@adepteditorial.com

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