In its Q1/17 update, Avolon announced the completion of the acquisition of CIT Group’s aircraft leasing business, making it the third largest aircraft lessor in the world.

With the addition, Avolon raised $8.5 billion in public capital markets to finance the acquisition of CIT Aviation and increased debt facilities by $420 million.

Avolon also received receipt of corporate/issuer credit ratings from Fitch (BB), Moody’s (Ba3) and S&P Global (BB+), while publishing a new white paper focusing on the development, growth and gradual maturing of China’s domestic airline industry.

The Ireland-based aircraft lessor also appointed three additional independent directors to its board.

On the business side, the pro-forma combined businesses delivered a total of 17 aircraft in Q1/17 and sold 20 aircraft (including three managed aircraft).

Avolon and CIT Aviation also completed a total of 21 lease transactions in the quarter comprising new aircraft leases, secondary leases and lease extensions.

Avolon and CIT Aviation also owned and managed a fleet of 565 aircraft at end of Q1/17, which was more than double Avolon’s Q1/16 fleet. In addition, the owned, managed and committed fleet reached 850 aircraft at end of Q1/17, again more than double Avolon’s Q1/16 fleet. The average owned fleet age was 4.9 years with average remaining lease term of 6.7 years at end of Q1 and a total customer base of 150 airlines in 63 countries.