Avolon, the international aircraft leasing company, issued an update for the third quarter of 2016. Following another active quarter, Avolon’s owned, managed and committed fleet at the end of Q3 was 432 aircraft. The company signed an agreement to acquire a portfolio of 45 aircraft from GECAS for US$2bn and an agreement to acquire the aircraft leasing business of CIT Group, announced on 6 October, for US$10bn. Avolon delivered 31 aircraft, including 22 from the GECAS portfolio, to 19 customers, and sold 11 aircraft: 7 aircraft from owned fleet and 4 aircraft from managed fleet. Letters of Intent were executed for the sale of a further 13 aircraft.
Avolon increased secured and unsecured committed debt facilities by a total of over US$1bn in the period, further strengthening the balance sheet and providing additional liquidity to accelerate growth.
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