Avolon, a global aviation finance company, issued an update for Q3/24.
Q3/24 Fleet Activity
- Sold 11 aircraft during the quarter, ending the quarter with 59 aircraft agreed for sale
- Delivered nine new aircraft and transitioned five aircraft to a total of 11 customers
- Entered into letters of intent for the sale and leaseback of nine aircraft
- Customer base of 141 airlines operating in 62 countries
- 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
- Avolon will acquire a portfolio of 105 aircraft, two 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 $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 Sept. 30 and Avolon’s balance sheet metrics remain within target investment grade ranges
- Expected to close in Q1/25, subject to customary closing conditions.
*All figures as of March 31, 2024
