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Avolon 160 aircraft in fleet and USD1.1b

Tuesday, October 16 17:14:48

Avolon, the Irish based international aircraft leasing group, today issued a trading update saying that its fleet now tops 160 aircraft and that total capital raised has reached USD5 billion.

The Domhnal Slattery led group said it has an order for 15 Airbus A320 neo and 20 Boeing 737 MAX aircraft - Avolon is one of the first major lessors to secure attractive early delivery slots in the launch phase of both of these highly fuel-efficient new technology aircraft.

It delivered the first four of its direct order Boeing 737-800 NG aircraft and announced a further order for 10 737-800 NGs to support Avolon's near-term growth plans and completed the sale of two aircraft on long-term leases to two new investor clients.

Total committed fleet has increased to 164 aircraft (160 owned and 4 managed), it said.

It has secured financing commitments from three new lending banks - Avolon now has a global lending group of 22 institutions.

Committed capital now stands at US$5.0 billion (US$1.4 billion equity and US$3.6 billion debt).

"Our progress in building a leading global aircraft leasing platform continues to accelerate. In the two and a half years since launch we have built the world's youngest lessor fleet comprising over 160 young, fuel-efficient aircraft, including an order for 35 new technology Airbus A320 neo and Boeing 737 MAX aircraft. Alongside our recent new order activity we have continued to remain very active in the sale and lease-back market; in the third quarter alone we underwrote over US$800 million of new aircraft financing for carriers in the United States, Europe and Asia covering single-aisle and twin-aisle aircraft that will deliver later this year and in 2013," said Mr Slattery.

"This impressive growth has been built on the back of our robust capital position and the continued strong support of our owners and lenders. We continue to see attractive investment opportunities for well-capitalised lessors with the global reach and execution capability to capture them. We remain firmly on track to build Avolon into one of the world's leading aircraft leasing businesses."