Avolon expands its fleet and delivers 31 aircraft in three months

Irish aviation lessor Avolon delivered 31 aircraft to 19 customers during the three months ended September 30th, according to the company’s latest figures.

The craft included 22 of the 45 it bought from rival Gecas for $2 billion in a deal completed during the quarter. Avolon is due to deliver the remaining 23 to its customers by the end of the year.

The transaction was one of two that Avolon completed over the three-month period.

It also agreed to buy CIT’s aircraft leasing operation for $10 billion, a move that will create a business with assets of $43 billion and a fleet of 910 aircraft.

Avolon also sold a further 11 planes, seven from its own fleet and four from its managed fleet.

The Dublin-based lessor boosted available credit by $1 billion and secured $8.5 billion, underwritten by Morgan Stanley and UBS, for the CIT deal.

Avolon now serves 84 airlines in 40 countries. At the end of September, it owned or managed a total of 247 aircraft, 67 per cent more than it did 12 months earlier.

Chinese public company Bohai Capital Holdings bought Avolon last year.