Avolon carried out 31 lease transactions comprising new aircraft leases, follow-on leases and lease extensions in the second quarter (Q2) of 2023, according to its latest trading update.
The lessor signed letters of intent for the sale and leaseback of nine aircraft, confirmed orders for 40 Boeing 737 MAX aircraft and agreed to order 20 Airbus A330neo aircraft, delivered 5 and transitioned 13 aircraft to a total of 10 customers.
Avolon sold 3 aircraft and executed sale agreements for a further 17 aircraft, entered into letters of intent to place 23 aircraft from the orderbook during the quarter and added two new customers rounding off the total number of customers to 149 in 65 countries.
Avolon ended the quarter with an owned and managed fleet of 578 aircraft, with total orders and commitments for 297 fuel-efficient, new technology aircraft.
Avolon raised $3.4bn of debt capital including private offering of US$750 million of senior unsecured notes maturing in 2028, US$1.7 billion Term Loan B refinancing with new loan maturing in 2028 and letter of intent for a US$950 million term financing facility maturing in 2030.
Fitch improved Avolon’s BBB- rating outlook from Stable to Positive.
In Q2 of 2023, the lessor published its 2023 'World Fleet Forecast, Return to Growth' predicting that the global commercial aircraft fleet will almost double to 46,880 aircraft in 2042.