Avolon, an aircraft leasing company based in Dublin, has reported conducting 39 new lease transactions in the initial quarter of the year, marking an increase from 31 during the same timeframe in 2023. Over this period, it also delivered a dozen new aircraft to clients.
The firm revealed in a recent trade update on Thursday that it had sold nine planes between January and March, a significant rise from two in the corresponding period of last year. Furthermore, the company has committed to letters of intent to sell an additional 17 aircraft.
As of the end of March this year, Avolon managed a fleet of 577 aircraft, showing little change as compared to the year before. The company also managed to secure $1.4 billion (€1.29 billion) of debt capital without collateral in the first quarter. This comprised $1.15 billion in unsecured senior notes due in 2029 and a $250 million loan without collateral, repayable by 2026.
By year’s end, Avolon reported having a total liquidity of $7.2 billion, including $690 million in discretionary cash and $6.2 billion in unutilised debt facilities. The firm raised $4.9 billion of debt in 2023 across public and private markets and post quarter end it secured another $1.15 billion in senior unsecured notes due 2029.
In 2023, the company also placed orders for 200 brand new aircraft and undertook 147 lease transactions, including arrangements for new aircraft, follow-on leases, and lease extensions.