Avolon to acquire USD5bn Castlelake Aviation portfolio

Avolon entered (13-Sep-2024) an agreement with Castlelake to acquire Castlelake Aviation Limited (CAL). CAL has USD5 billion in assets as of 31-Mar-2024, including a portfolio of 105 aircraft on lease and commitments for 13 new technology aircraft, two engines on lease and five loans. The portfolio is 68% narrowbody aircraft and 70% new technology aircraft, with a weighted average aircraft age of 4.7 years and a weighted average remaining lease term of 8.4 years. The CAL portfolio has up to USD3.3 billion of transferable debt available to Avolon on closing, with the balance funded from Avolon's existing sources of liquidity. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in 1Q2025. Goldman Sachs & Co is acting as exclusive financial advisor to Castlelake and Milbank LLP is acting as its legal counsel. [more - original PR - Castlelake] [more - original PR - Avolon]