Avolon boosts fleet numbers to 179

Aircraft leasing group has $6bn capital

Avolon president and chief commercial officer,John Higgins.

Avolon president and chief commercial officer,John Higgins.

 

Dublin-based aircraft leasing business Avolon said yesterday it boosted committed fleet numbers to 179 from 171 during the third quarter of the year.

The company now has more than $6 billion worth of aircraft delivered to airline lessees or under its management.

It secured commitments for a further $1.1 billion in debt during the three-month period to the end of
September.

Those commitments include the $636 million securitisation announced last week, which involved special purpose vehicle Emerald Aviation Finance acquiring 20 aircraft from the leasing company. It raised the cash through asset-backed bonds secured against the craft.

The other measures include $180 million in export credit, $150 million in unsecured facilities and commercial loans.

Avolon Capital Partners, the $500 million joint venture it announced earlier this year with US bank Wells Fargo, is now active in the market and has taken delivery of two aircraft, an Airbus and a Boeing. Avolon itself recently delivered its first Airbus A319 to American Airlines and its first Boeing 787 Dreamliner to the Chilean-based Latam Airlines.