Avolon, the international aircraft leasing company, has posted results for the third quarter of 2022. The company reported net income for the three months to September 30, 2022, of US$141 million and US$227 million for the nine months to September 30, 2022 (excluding the impact of Russia).
Avolon recognised US$546 million of lease revenue and generated US$278 million of net cash from operating activities in the quarter. The company ended the quarter with total available liquidity and contracted sales of approximately US$6.8 billion, including US$5.7 billion of undrawn debt facilities and with US$16 billion of unencumbered assets and net leverage of 2.3x.
During the quarter Avolon agreed on a landmark transaction with Malaysia Airlines for the financing of 20 A330-900neo aircraft valued at over US$2 billion. The company upsized its unsecured revolving credit facility by US$0.2 billion bringing the total facility size to US$4.6 billion and executed a US$0.7 billion term financing facility maturing 2029. (£1.00 = US$1.16 at time of publication).
