Published on July 12th, 2022 | by Mark Dwyer0
Avolon Agrees Transactions For Over 100 Aircraft In The Second Quarter
Avolon, one of the largest aircraft leasing companies in the world, has released its 2022 Q2 Business Update. During the quarter the firm executed a total of 54 lease transactions in the quarter comprising new aircraft leases, follow-on leases and lease extensions. It entered into Letters of Intent for the sale and leaseback of 13 aircraft and the placement of 31 aircraft from its orderbook.
Some other highlights include:
- Delivered 1 aircraft and transitioned 9 aircraft to follow-on lessees;
- Sold 2 aircraft during the quarter and entered into binding sale agreements for the sale of 30 owned aircraft;
- Ended the second quarter with a total of 146 airline customers operating in 62 countries;
- Owned and managed a fleet of 591 aircraft at quarter end, with total orders and commitments for 260 fuel-efficient, new technology aircraft;
- Extended the maturity date of Avolon’s secured recourse revolving credit facility from 2024 to 2027. Post the extension, the total facility size will be $745 million;
- Received inaugural ESG Rating from Sustainalytics with a score of 16.0 placing Avolon in the ‘Low Risk’ category and the top 5% of our industry grouping; and
- During the quarter, Fitch affirmed Avolon’s credit rating at BBB- with a Stable outlook.
Avolon was founded by Dómhnal Slattery in May 2010 and has quickly grown to become the second-largest aircraft lessor in the world. In June 2021, Avolon announced the world’s largest order for eVTOL aircraft, with an order for 500 VX4s from Vertical Aerospace.