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.