Avolon has reported a busy second quarter of 2022, executing a total of 54 lease transactions in the quarter comprising new aircraft leases, follow-on leases and lease extensions.
Avolon entered into Letters of Intent for the sale and leaseback of 13 aircraft and the placement of 31 aircraft from Avolon’s orderbook. The lessor also delivered one aircraft and transitioned nine aircraft to follow-on lessees; and sold two aircraft during the quarter and entered into binding sale agreements for the sale of 30 owned aircraft.
Avolon ended the second quarter with total of 146 airline customers operating in 62 countries. The lessor has an owned and managed fleet of 591 aircraft at quarter end, with total orders and commitments for 260 fuel-efficient, new technology aircraft.
Also during the quarter, Avolon extended the maturity date of its secured recourse revolving credit facility from 2024 to 2027. Post the extension, the total facility size will be $745 million. The lessor also received inaugural ESG Rating from Sustainalytics with a score of 16.0 placing Avolon in the ‘Low Risk’ category and the top 5% of its industry grouping.
During the quarter, Fitch affirmed Avolon’s credit rating at BBB- with Stable outlook.