Avolon adds five banks to acquisition debt facilities for transaction with CIT Group

Avolon, the international aircraft leasing company, has placed 35% of the US$8.5bn debt financing facilities, led by Morgan Stanley & Co. (Morgan Stanley) and UBS Investment Bank (UBS), for the acquisition of the aircraft leasing business of CIT Group Inc. Avolon successfully placed US$2.975bn with five banks: Barclays; JPMorgan Chase Bank N.A.; BNP Paribas; Credit Agricole Corporate and Investment Bank; and SunTrust Bank. The placement was increased from an initial target of 30%. Concurrent with the closing of the placing, Avolon has also increased its unsecured revolving credit facility to US$950m.