Avolon Leasing raises USD465m; to fund fleet expansion
Avolon Leasing Group CEO Domhnal Slattery stated the leasing company has raised USD465 million in long-term debt finance from Wells Fargo & Co, Citigroup Inc and Morgan Stanley with proceeds intended to fund Avolon’s growing aircraft fleet (Bloomberg, 25-Jan-2011). The latest financing move brings to USD2.5 billion the value of long- term debt and equity the carrier has raised since creation. Avolon’s fleet now includes more than 60 committed aircraft and its worth more than USD2.8 billion with Mr Slattery stating he plans to more than double the size.
Avolon Leasing Group: “We’d like to build a portfolio of close to 150 planes in the initial three to five years. Based on our experience of 20 years, that seems to be about the right size to give you strategic options around financing, relevance in the industry, and pricing power with manufacturers,” Domhnal Slattery, CEO. Source: Bloomberg, 25-Jan-2011.