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Press releases

Avolon
8 July 2014

2014 Second Quarter Trading Update

Avolon, the international aircraft leasing group, today issues a trading update for the second quarter of 2014. Avolon took delivery of 13 owned and 2 managed aircraft in the second quarter, secured additional debt commitments of US$920 million and ended the period with an owned, managed and committed fleet of 202 aircraft.

Q2 2014 Highlights

  • Owned, managed and committed fleet reached 202 aircraft compared to 171 at the end of Q2 2013.
  • Average aircraft age of 2.4 years for Avolon's owned fleet.
  • Took delivery of 13 owned aircraft in Q2.
  • Two owned aircraft sold in the period.
  • Avolon Capital Partners (Avolon's joint venture with Well  Fargo) took delivery of two aircraft in Q2.
  • Secured US$920 million additional debt commitment in Q2 including a new US$500 million secured debt facility, the second secured portfolio financing facility to be closed in 2014. Avolon also increased its unsecured revolvin facilities to US$375 million, up from US$150 million in Q1 2014 and extended, re-­priced and increased the size of its warehouse facility.
  • Avolon added Bank of Ireland to its lending group when the bank participated in the US$500 million secured facility which was completed in Q1 2014.
  • Global customer base has increased by 12 airlines year-­on-­year to 48 airlines at the end of Q2.

Financial Strength & Industry Franchise

  • Successfully closed a US$500 million secured debt facility in Q2 following closure of a similar facility in Q1 2014:
    • Second facility will be available to fund new deliveries in 2014 and 2015
    • Joint Lead Arrangers on this financing were Deutsche Bank, HSBC, and National Australia Bank.
  • During Q2, Avolon also increased the size of its unsecured revolving facilities to US$375 million; extended, re-­priced and increased the size of its warehouse facility; and added US$151 million of further bilateral secured facilities, bringing total new debt capital raised in the quarter to US$920 million.
  • Avolon has raised commitments of US$1.6 billion in the first half of 2014 in addition to  extending and re-­pricing its warehouse facility and, as of 30 June 2014, had US$1.4 billion of undrawn debt commitments available.
  • Avolon received three industry awards in Q2:
    • Europe Deal of the Year Award 2013 awarded by Airfinance Journal
    • Debt Capital Markets Deal of the Year Award 2014 awarded by Finance Dublin
    • Aviation Leasing Achievement Award at the 2014 Aviation Industry Awards sponsored by the Irish Aviation Authority

Fleet & Customer Growth

  • Avolon ended the second quarter with a total owned, managed and committed fleet of 202 aircraft (116 owned, 12 managed and 74 committed).
  • Avolon's customer base increased by 12 airlines on the same period last year. Avolon now serves 48 customers in 27 countries globally: new customers added in Q2 2014 include Copa Airlines, Ethiopian Airlines, Peach Aviation and Xiamen Airlines.