Avolon has a strong, diversified capital structure with a balanced maturity profile to fund the growth of the business.

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Avolon issues business updates at the end of each calendar quarter.

Capital Markets
In Q1 2017, Avolon’s raised $8.5 billion in the capital markets. This comprised:

Source of Capital$bn Amount
Total8.5
Institutional Secured Term Loan5.5
Bonds3.0

Bonds
Avolon has, through a direct wholly owned subsidiary, Park Aerospace Holdings, issued an aggregate of $3 billion Senior Unsecured Notes. These comprise:

IssueTermMaturityCoupon Interest Security
$1.75bn Senior Notes5.5 Years20225.25%Semi-AnnualUnsecured
$1.25bn Senior Notes7 Years20245.5%Semi-AnnualUnsecured

Credit Ratings
Avolon has received corporate/issuer credit ratings from each of the three international credit rating agencies. Those ratings are:

AgencyCorporate/Issuer RatingOutlookDate Issued
Fitch RatingsBBStableJanuary, 2017
Moody's Ba3StableJanuary, 2017
S&P Global Ratings
BB+StableJanuary, 2017
 

Avolon has a strong, experienced Board comprising nine Directors: four independent non-executive Directors, three non-executive Directors (including the Chairman of the Board) and two executive Directors.

Xiangdong (Adam) Tan has served as a director and Chairman of the Board since April 2016. Mr. Tan has served as the Vice Chairman of the Board and Chief Executive Officer of the HNA Group since 2011 where he is in charge of its financial services, international business and logistics business. Prior to that Mr. Tan served as Executive Director of Hainan Airlines Company Limited. Mr. Tan served as Chairman of the Board of Directors of HNA Insurance Brokers Limited from 1997 to 2001. Mr. Tan served various roles for Hainan Airlines Company Limited from 1991 to 1997, including as Senior Assistant to the President. 

Dómhnal Slattery has served as our Chief Executive Officer since our inception in May 2010. Previously, Mr. Slattery served as the Managing Partner of Claret Capital Limited from 2006 through 2009. Mr. Slattery was the founding Chief Executive of RBS Aviation Capital from 2001 through 2004 and went on to become the Managing Director of the Structured Asset Finance business for the Royal Bank of Scotland plc. He continued to serve as a non-executive director of RBS AC until 2008. In 1994 Mr. Slattery established his own aircraft advisory and investment banking services company, International Aviation Management Group, which was acquired by RBS in 2001. Mr. Slattery began his aviation career in 1989 in marketing roles with Guinness Peat Aviation (GPA) and GE Capital Aviation Services.

John Higgins has served as our President and Chief Commercial Officer since our inception in May 2010. Previously Mr. Higgins served as the Chief Commercial Officer at RBS Aviation Capital from 2007 until 2010. Mr. Higgins also served as the Head of Origination for Europe, Middle East, Africa and Asia Pacific at RBS Aviation Capital. Before joining RBS Aviation Capital Mr. Higgins served in various roles within the aircraft leasing and finance industry at PricewaterhouseCoopers and GE Capital Aviation Services. 

Denis Nayden has served as Vice Chairman of the Board since April 2016 and was previously the Chairman of the Board from May 2010 to January 2016. Mr. Nayden is an Advisory Managing Partner of Oak Hill Capital Partners where he formerly served as a Managing Partner from 2003 to 2016. Prior to joining Oak Hill, Mr. Nayden served as the Chairman and Chief Executive Officer at GE Capital. Mr. Nayden spent more than 25 years serving in various roles at GE Capital, including oversight of GE Capital Aviation Services. In light of Mr. Nayden’s business experience, we believe it is appropriate for Mr. Nayden to serve as a director. Mr. Nayden previously served as Chairman of the Boards of Firth Rixson Limited, RSC Equipment Rental and Primus International.

Bharat Bhisé has served as a director since January 2016. Mr. Bhisé has been a Senior Advisor to the board of directors of HNA Group since 2000 and since 2008 has led HNA’s outbound investment program in Transportation and Logistics businesses, including the investment into Allco Aviation(subsequently HKAC) in 2009 and Avolon in 2016 Mr. Bhisé has been in the aircraft finance business since 1989 and has served in various roles, including Chief Operating Officer of HeavyLift Airlines from 2001 to 2003, advisor to Boeing Capital Corporation and Israel Aircraft Industries in their widebody freighter conversion and new aircraft design operations, respectively, and Chief Exeutive Officer of C-S Aviation Services. Mr. Bhisé founded Bravia Capital in 2000. Mr. Bhisé currently serves as a Director of numerous HNA Group and Bravia entities. 

Chris Jin has served as a director since January 2016. Mr. Jin has served as the Chairman of the Board and Chief Executive Officer of Bohai since April 2015. From October 2012 to April 2015, Mr. Jin was Chief Executive Officer and Chief Financial Officer of Seaco SRL, a sea container leasing company. From January 2011 to October 2012, Mr. Jin was the Chairman of the Board and President of HKAC. Before working with HKAC, Mr. Jin worked in the Bank of China New York Branch in charge of credit and business development related matters. Prior to this, Mr. Jin worked with the Business Department I, Credit Department and Corporate Department of Bank of China Headquarters in Beijing, China and at East-West Bank where he was in charge of its international business. Mr. Jin currently serves as Chairman of the Board of various Bohai entities.

Denis Kalscheur has served as a director since January 2017. Mr. Kalscheur has served as Vice Chairman at Aviation Capital Group Corp. since January 2016 and previously served as its Chief Executive Officer from January 2013 to December 2015. Prior to that, Mr. Kalscheur served in various roles for Pacific Life, including Senior Vice President and Treasurer, since 2007. Earlier in his career he served in various roles for aviation and aerospace services companies, including Chief Executive Officer of Elsinore Aerospace, Chief Financial Officer of AirCal/ACI Holdings, Inc. and Vice President and Treasurer of Tiger International, Inc. and The Flying Tiger Line Inc. Mr. Kalscheur currently serves as an independent director for publicly traded Pacific Mercantile Bancorp and its wholly owned subsidiary, Pacific Mercantile Bank, where he is Chairman of the Audit Committee and a member of the Credit Policy Committee and is Vice Chairman.

Joe Nellis has served as a director since January 2017. Mr. Nellis was a Managing Director of the Business Development team at GE Capital, based in Norwalk, Connecticut from January 2009 to December 2016. Mr. Nellis has worked for GE in various capacities since 1990. Starting in 2012, Mr. Nellis began working on a global scale with GE Capital Real Estate after moving to the Restructuring Operations unit in 2009. From 2007 to 2009, Mr. Nellis led Business Development for GE Capital Real Estate North America, leading mergers and acquisitions. From 2004 to 2007, he served, in London, as Commercial Leader for GE Capital Solutions, Europe. From 1993 to 2004, Mr. Nellis worked with GE Capital Americas, serving in various leadership roles in finance, business development and sales. From 1990 to 1993, he worked for GE Capital, where he was responsible for technical accounting matters for various commercial lending units. Before joining GE in 1990, Mr. Nellis worked in Arthur Andersen’s Audit Division in New York and also spent two years with CS First Boston.

Ciarán Ó hÓgartaigh has served as a director since January 2017. Dr. Ó hÓgartaigh has served as a Professor of Accounting and Dean of University College Dublin (UCD) College of Business since 2011. Under Dr. O ́ hO ́ gartaigh’s stewardship, UCD has launched a Master of Science in Aviation Finance, the first of its kind in Europe, supported by a consortium of the aviation finance community. Dr. Ó hÓgartaigh trained as a chartered accountant and auditor with Arthur Andersen. He has a Ph.D. in Accounting from the University of Leeds and has been published in international peer-reviewed journals on the audit expectation gap (funded by the International Auditing and Assurance Standards Board) and on investor reactions to differences between US and International GAAP.

 
 Audit
Committee
Remuneration
Committee
Risk Management
Committee
Nominating and
Corporate Governance
Committee
Ciarán Ó hÓgartaigh
Joe Nellis
Denis J Nayden
Denis Kalscheur
Bharat Bhisé
Chris Jin

= Committee Chairperson      = Committee Member

 
 

Emerald Aviation Finance Limited (“EAFL”) is a special purpose limited liability company incorporated on 9th September 2013 under the laws of the Cayman Islands to purchase and own a portfolio of aircraft. EAFL is resident in Ireland for tax purposes.

On 16th October 2013, EAFL issued $546,000,000 of Class A-1 Asset Backed Notes, $90,210,000 of Class B-1 Notes and $139,661,492 of Class E Asset Backed Notes pursuant to a trust indenture dated as of 16 October 2013 (the “Indenture”) between EAFL, as Issuer, Wells Fargo Bank, N.A., as Trustee, as Cash Manager and as Operating Bank, and BNP Paribas, as Liquidity Facility Provider. The net proceeds of such notes were used to purchase EAFL’s portfolio of aircraft and to pay certain transaction expenses. Avolon Aerospace Leasing Limited acts as Servicer and Administrative Agent.


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