04 Apr 2019

Avolon Q1 Update


Avolon publishes 2019 Q1 Update

Avolon Q1 Update



Dublin | 4 April, 2019: Avolon, the international aircraft leasing company, issues an update for the first quarter of 2019 (‘Q1’).

AVOLON FLEET METRICS | Q1 2019

 

  Q1 2018 Q1 2019 CHANGE
Owned, managed and committed fleet (aircraft) 903 951 5%
Owned and managed fleet (aircraft) 570 553 (3%)
Airline Customers 156 150 (4%)

Q1 FLEET METRICS & BUSINESS HIGHLIGHTS

  • Owned and managed fleet of 553 aircraft at end Q1, with total orders and commitments for 398 new technology aircraft;
  • Executed a total of 8 lease transactions in the quarter comprising new aircraft leases, follow-on leases and lease extensions;
  • Delivered a total of 12 new aircraft to 9 customers and transitioned 4 aircraft to follow-on lessees;
  • Sold 20 aircraft during the quarter including the sale of 10 regional aircraft; and
  • Total of 150 airline customers operating in 61 countries.

Q1 STRATEGIC & FINANCIAL HIGHLIGHTS

  • Closing of a private offering by Avolon of US$1.1 billion, aggregate principal amount, of senior unsecured notes, upsized from an initial target size of US$750 million due to significant investor demand;
  • Closing of Avolon’s inaugural US$500 million three-year unsecured term loan facility which was upsized by over 60% based on the original launch size of US$300 million;
  • Upsized our unsecured revolving credit facility by US$125 million bringing the total facility size to over US$2.3 billion;
  • Continued progress towards our strategic objective of achieving an investment grade credit rating with receipt of positive updates from 3 rating agencies:
    • S&P upgrade of its rating on Avolon’s senior unsecured notes to BB+;
    • Fitch upgrade of Avolon’s corporate credit rating to BB+ with a Positive Outlook; and
    • Moody’s update of its outlook on Avolon’s corporate credit rating to Ba1 with a Positive Outlook.
  • Issued our 2019 Industry Forecast Paper providing a review of 2018 and offering some predictions for the industry in 2019.

For Further Information Please Contact

Avolon

Emmet Moloney
Head of Communications and Branding
+353 1 556 4429
emoloney@avolon.aero

Avolon

Ross O' Connor
Head of Investor Relations
+353 1 231 5818
roconnor@avolon.aero

FTI Consulting

Jonathan Neilan
+353 1 765 0886
avolon@fticonsulting.com

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