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Avolon, a global aviation finance company, issues an update for the third quarter (‘Q3’) of 2024.
Q3 Fleet Activity
– Sold 11 aircraft during the quarter, ending the quarter with 59 aircraft agreed for sale; – Delivered 9 new aircraft and transitioned 5 aircraft to a total of 11 customers;
– Entered into letters of intent for the sale and leaseback of 9 aircraft;
– Customer base of 141 airlines operating in 62 countries; and,
– Ended the quarter with an owned and managed fleet of 577 aircraft, with total orders and commitments for 442 fuel-efficient, new technology aircraft.
Acquisition of Castlelake Aviation Limited
– Avolon to acquire a portfolio of 105 aircraft, 2 engines and 13 aircraft commitments* • Total assets of approximately $5.0 billion;
- Average aircraft age of 4.7 years;
- 70% of the portfolio invested in new technology aircraft;
– Up to US$3.3 billion of transferable debt available to Avolon on closing, with the balance funded from Avolon’s existing sources of liquidity;
– Pro forma for the transaction, Avolon would have an owned, managed and committed fleet of 1,137 aircraft as of September 30th and Avolon’s balance sheet metrics remain within target investment grade ranges; and,
– Expected to close in Q1 2025, subject to customary closing conditions.
*All figures as of March 31st, 2024
Avolon is a global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel.
