Avolon announces second capital raising of $650 million

Avolon, the aircraft leasing group, reported a second capital raising of $650 million comprising $250 million of equity and $400 million of debt finance. The $250 million of additional equity has been raised from Avolon’s existing investors: Cinven, CVC Capital Partners and Oak Hill Capital Partners. A number of other investors have also participated in the equity raising including Oak Hill Advisors. The $400 million of debt finance was provided by three European institutions – DVB, Nord LB and KfW IPEX-Bank – in separate bilateral transactions. This additional capital raising brings the total capital raised by Avolon, since launch in May 2010, to in excess of $2 billion comprising $1 billion of equity and $1 billion of debt finance.