Avolon delivers new aircraft worth US$350m in third quarter 2015

Avolon, the international aircraft leasing company, issued an update for the third quarter of 2015 (‘Q3’). Avolon delivered eight aircraft in Q3 valued at US$346m and sold seven aircraft during Q3. Avolon’s total owned, managed and committed fleet at September 30th, 2015 was 258 aircraft, an increase of 14% year-on-year. Business activity: Avolon committed to lease five Boeing 787-9 aircraft to Hainan Airlines in a transaction valued at US$1.3bn at current list prices delivering in 2016 and 2017, subject to completion of the merger agreement with Bohai Leasing Co. The company replaced three existing US$125m secured debt facilities at a margin of 200bps with an availability period until 2017 with a single US$525m unsecured debt facility at a margin of 175bps with an availability period until 2019. Avolon’s total fleet commitments for delivery in 2016 now stand at 29 aircraft.