Avolon updates Q2 activity

Avolon, the international aircraft leasing company, has issued an update for the second quarter of 2017 (´Q2´), the company said.

Following another active quarter, Avolon´s owned, managed and committed fleet at the end of Q2 was 921 aircraft.

Completion of acquisition of the aircraft leasing business of CIT for USD 10.4 billion, doubled the scale of the Avolon business;

Signed memorandum of understanding (“MOU”) for 75 Boeing 737 MAX 8 aircraft valued at USD 8.4 billion at current list prices with an option for a further 50 Boeing 737 MAX 8 aircraft;

Additional USD 0.9 billion equity received in Q2, bringing the total equity infusion by Avolon´s shareholder in 2017 to USD 2.4 billion. Avolon ended the quarter with USD 4.1 billion of cash and available undrawn debt facilities;

Delivered the world´s first Boeing 737 MAX 8 aircraft to Malindo Air;

Increased debt facilities by c. USD 810 million during the quarter providing additional financial flexibility;

Delivered a total of 23 aircraft, including 6 redeliveries, and sold 8 aircraft.

Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is a wholly-owned, indirect subsidiary of Bohai Capital Holding Co., Ltd., a Chinese public company listed on the Shenzhen Stock Exchange (SLE: 000415). Avolon is the world´s third largest aircraft leasing business with a pro-forma owned, managed and committed fleet, as of 30 June, 2017 of 921 aircraft valued at c. USD 50 billion.