2012 Q1 Update

Avolon fleet exceeds 100 aircraft in Q1 2012

Avolon awarded 2011 ‘Equity Deal of the Year’ for US$300m equity investment by GIC


Total capital raised of US$4.6 billion


Dublin, 23 April, 2012:
Avolon, the international aircraft leasing group, issues its 2012 first quarter update announcing that its fleet now exceeds 100 aircraft and that total capital raised has reached US$4.6 billion. Avolon has also been awarded 2011 ‘Equity Deal of the Year’ by Airfinance Journal for its US$300 million equity commitment from the Government of Singapore Investment Corporation (‘GIC’).



2012 First Quarter Highlights
 

  • Avolon’s committed capital now stands at US$4.6 billion (US$1.4 bn equity and US$3.2 bn debt)
  • Avolon’s aircraft portfolio has increased to 103 aircraft
  • Avolon awarded Airfinance Journal 2011 ‘Equity Deal of the Year’ for the US$300 million equity commitment from GIC, one of the world’s leading sovereign wealth funds
  • Avolon secured a commitment from the Export- Import Bank of the United States to guarantee the financing of four aircraft delivering in 2012
  • Avolon secured its second commitment from the European Export Credit Agencies to guarantee the financing of seven aircraft delivering in 2012
  • GIC appointed a Director to Avolon’s Board following their US$300million equity investment
  • Proceeds of debt and equity raising used to support Avolon’s expansion and continued growth of its aircraft fleet


Avolon Aircraft Portfolio Developments
 

  • Avolon’s fleet reached 103 aircraft during the first quarter comprising 99 owned & 4 managed aircraft
  • Fleet age of 1.4 years is the youngest large lessor fleet in the world
  • Avolon delivered 9 aircraft during the quarter (7 single-aisle and 2 twin-aisle) and committed to the purchase of an additional 7 aircraft delivering in 2012
  • Avolon’s delivered fleet now stands at 67 aircraft, valued at US$3.2 billion
  • Avolon is scheduled to take delivery of its first direct new order aircraft which will deliver in June 2012 to a major Asian flag carrier



Capital Base

 

  • Avolon’s total capital base now stands at US$4.6billion
  • Avolon secured a commitment from the Export- Import Bank of the United States to guarantee the financing of four aircraft delivering in 2012 and a second commitment from the European Export Credit Agencies to guarantee the financing of seven aircraft delivering in 2012
  • Avolon secured commitments from three new lending banks during the quarter and now has a global lending group of 19 institutions
  • Avolon extended its existing warehouse facilities and retains significant committed debt capacity for deployment



Operating Highlights

 

  • Avolon opened a new global headquarters in Dublin and two new regional offices in Singapore and Dubai - Avolon now has six offices globally
  • Avolon appointed Ranga Karumbunathan to lead its new Dubai office. Ranga is an experienced aviation financier having previously worked with BBAM, RBS Aviation Capital and Emirates Airlines. Avolon’s global team has reached 37 people
  • Avolon’s customer base now stands at 31 airlines in 20 countries
  • Avolon’s Head of Risk and Strategy, Dick Forsberg, was appointed to the Board of Directors of ISTAT, the International Society of Transport Aircraft Trading



Avolon Chief Executive Officer, Dómhnal Slattery, commented:

“We continue to deliver on the strategic milestones we established at the launch of Avolon. During the first quarter of 2012, our portfolio grew to over 100 aircraft and we have now raised a total US$4.6 billion in capital. We continue to diversify our funding sources, grow our customer base and strengthen our team.”
 

“We are also pleased to have received an award for our capital raising from GIC in 2011. GIC is one of the leading and most respected sovereign wealth funds in the world and their decision to make a significant investment in Avolon is a clear endorsement of the scale and quality of our franchise and the strong growth potential of the aircraft leasing sector.”
 

“Although global macro-economic conditions and credit markets remain uncertain, there is significant market opportunity, for nimble, well-capitalised leasing businesses with global reach. We look forward to extending our franchise in 2012, continuing to grow our customer base and remain on track to reach our target fleet size of 150 aircraft by 2014.”



Our Fleet





About Avolon


Headquartered in Ireland, with offices in Stamford CT, Hong Kong, Shanghai, Singapore and Dubai, Avolon provides aircraft leasing and lease management services. Avolon’s investors include three of the world’s leading private equity firms Cinven, CVC Capital Partners and Oak Hill Capital Partners and one of the world’s leading sovereign wealth funds, Government of Singapore Investment Corporation (GIC). Avolon has established itself as one of the leading global players in the aircraft leasing sector, leveraging off the strong financial backing of its owners and the extensive trading history and senior industry relationships of its management team. The primary asset focus of the business is on young fuel-efficient single-aisle aircraft such as the Airbus A320 family and Boeings 737NG family. In addition, Avolon also invests in best-in-class twin-aisle aircraft such as the Airbus A330 family and Boeing 777 family. Avolon has a fleet of 103 aircraft serving 31 customers in 20 countries. Avolon’s fleet is also the youngest fleet in the world with an average aircraft age of 1.4 years.

See www.avolon.aero


Contact
Jonathan Neilan
+353 1 663 3686
jonathan.neilan@fticonsulting.com

 

 



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