Avolon has described 2016 as “a transformational year” for the company, referring to the completion of its acquisition by Bohai Capital, its agreement to acquire the aircraft leasing business of CIT Group and the delivery of 74 aircraft.
Avolon’s owned, managed and committed fleet grew 69% in 2016 to 435 aircraft by year-end. This fleet will effectively double again in 2017 on completion of the acquisition of the aircraft leasing business of CIT Group.
Also during 2016, Avolon competed the integration of Hong Kong Aviation Capital (HKAC) into the company, acquired a US$2 billion portfolio of 45 aircraft from GECAS, and increased secured and unsecured committed debt facilities by a total of over US$2.4 billion.
Since the 2016 year-end, Avolon has made further progress towards the completion of the acquisition of the CIT Group aircraft leasing business including raising $8.5 billion in capital markets to finance the acquisition of the CIT Group aircraft leasing business, receiving corporate/issuer credit ratings from Fitch (BB), Moody’s (Ba3) and S&P Global (BB+); and appointing three additional independent Directors to the Avolon Board.
During the full year 2016, Avolon delivered 74 aircraft and sold 35 aircraft. The lessor’s owned, managed and committed fleet increased by 69% year-on-year to 435 aircraft at the end of 2016. The average age of owned fleet of 3.5 years and average remaining lease term of 7.3 years at the end of 2016. Avolon’s total customer base increased to 85 airlines in 40 countries by year-end.