08 Jul 2019

Avolon Q2 Update


Avolon publishes 2019 Q2 update

Avolon Q2 Update



Dublin | 8 July, 2019: Avolon, the international aircraft leasing company, issues an update for the second quarter of 2019 (‘Q2’).

AVOLON FLEET METRICS | Q2 2019

 

  Q2 2019 Q2 2018 CHANGE
Owned, managed and committed fleet (aircraft) 923 890 4%
Owned and managed fleet (aircraft) 530 562 (6%)
Airline Customers 149 156 (4%)

Q2 FLEET METRICS & BUSINESS HIGHLIGHTS

  • Owned and managed fleet of 530 aircraft at end Q2, with total orders and commitments for 393 new technology aircraft;
  • Executed a total of 24 lease transactions in the quarter comprising new aircraft leases, follow-on leases and lease extensions;
  • Delivered a total of 15 new aircraft to 10 customers and transitioned 11 aircraft to follow-on lessees;
  • Sold 38 aircraft during the quarter including the sale of 34 regional aircraft; and
  • Total of 149 airline customers operating in 60 countries.

Q2 STRATEGIC & FINANCIAL HIGHLIGHTS

  • Closing of a private offering by Avolon of US$2.5 billion, aggregate principal amount, of senior unsecured notes, upsized from an initial target size of US$1.8 billion due to significant investor demand;
  • Corporate credit rating upgraded to investment grade by Fitch, Moody’s and S&P. Credit ratings at quarter end were:
    • Fitch BBB- (Stable Outlook)
    • Moody’s Baa3 (Stable Outlook)
    • S&P BBB- (Stable Outlook)
  • Upsized our unsecured revolving credit facility by US$488 million bringing the total facility size to over US$2.8 billion;
  • Repriced our senior secured Term Loan B facility to LIBOR plus 1.75% in conjunction with the repayment of US$800 million of the facility; and
  • Ordered 140 CFM LEAP-1A Engines, to power 70 A320neo family aircraft, valued at US$2 billion at list prices announced at 2019 Paris Air Show.

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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