Avolon Adds Five Banks to Support CIT Aircraft Leasing Buy

Avolon placed 35% of the $8.5 billion debt financing facilities, led by Morgan Stanley and UBS Investment Bank, for the acquisition of the aircraft leasing business of CIT Group.

In addition, Avolon placed $2.975 billion with five banks: Barclays, JPMorgan Chase, BNP Paribas, Credit Agricole and SunTrust Bank. The placement was increased from an initial target of 30%.

Concurrent with the closing of the placing, Avolon also increased its unsecured revolving credit facility to $950 million.

In early October CIT entered into a definitive agreement to sell CIT Commercial Air, its commercial aircraft leasing business, to Avolon, for a price of $10.0 billion.

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