Business

Avolon delivers 12 new aircraft to customers in first quarter

Aircraft lessor executed 39 new leases, up from 31 over the same period in 2023

Avolon said it sold nine aircraft between January and March, compared with two in the first quarter of last year.

Ian Curran
Thu Apr 4 2024 - 07:43

Avolon, the Dublin-based aircraft lessor, has said it executed some 39 new lease transactions in the first three months of the year – up from 31 over the same period in 2023 – and delivered a total of 12 new aircraft to customers in the first quarter.

In a trading update issued on Thursday, the group also said it sold nine aircraft between January and March, compared with two in the first quarter of last year, and entered into letters of intent for the sale of a further 17.

Avolon’s total owned and managed fleet stood at 577 at the end of March, it said, roughly unchanged year-on-year.

Meanwhile, the group raised $1.4 billion (€1.29 billion) of unsecured debt capital in the first quarter, comprised of $1.15 billion in senior unsecured notes due in 2029 and a $250 million unsecured term loan due for repayment in 2026.

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At the end of the year, Avolon had total available liquidity of $7.2 billion, including $690 million of unrestricted cash and $6.2 billion of undrawn debt facilities. Avolon last year raised $4.9 billion of debt across both the public and private markets, and post quarter end, it issued $1.15 billion of senior unsecured notes maturing in 2029.

Throughout 2023, the company ordered 200 new aircraft, and executed 147 lease transactions including new aircraft leases, follow-on leases and lease extensions.

Ian Curran

Ian Curran

Ian Curran is a Business reporter with The Irish Times

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