Avolon Raises US$750 Million in New Unsecured Bank Facility
18 Junio 2024 - 1:00AM
Business Wire
- Facility includes new banking relationships in Middle East
and India
- JP Morgan and Emirates NBD acted as joint
bookrunners
Avolon, a leading global aviation finance company, announces it
has raised US$750 million in a new unsecured credit facility with a
syndicate of seven banks predominantly in the Middle East and
India.
The transaction further diversifies Avolon’s sources of capital,
accessing new liquidity pools with significant appetite for high
quality lending opportunities in the aviation sector.
The facility has a three-year tenor with options for extension
to up to five years. JP Morgan and Emirates NBD acted as joint
bookrunners on this transaction.
This transaction means Avolon has raised over US$3.4 billion in
2024 from a diverse range of funding sources in the public and
private markets.
Ross O’Connor, Avolon CFO, commented: “This $750 million
facility further diversifies our access to capital and forges new
banking relationships in the Middle East and India. Deepening our
sources of liquidity ensures we can continue to capitalise on
attractive market dynamics and we appreciate the support of JP
Morgan, Emirates NBD and the wider bank syndicate.”
Puja Turner, Head of CEEMEA Loans & Structured Credit at
JP Morgan, commented: “We’re pleased to partner with Avolon on
this transaction, using the strength of our franchise to support
their growth. As banks in the Middle East and India deepen their
understanding of the lessor business model and look to deploy
capital beyond domestic markets, we anticipate they will be a
growing source of funding for aviation businesses with a strong
track record.”
Aamir Mansoor, Head of GRE and Aviation Desk at Emirates NBD,
commented: “We are delighted to support Avolon's growth and to
forge a strong relationship with yet another leading player in the
global aviation industry. As aviation continues to be a vital
driver of economic expansion, we foresee significant opportunities
for the sector in the coming years. As pioneers in setting up a
dedicated Aviation Desk within the UAE, we bring unparalleled
regional expertise and a vision to transform aviation finance. We
remain committed to leading and shaping the future of aviation
finance, reinforcing our position as a regional powerhouse in this
sector.”
Avolon’s available liquidity at 31 March 2024 was US$6.6
billion, with a net debt to equity ratio of 2.2 times. The proceeds
of the facility will be used for general corporate purposes.
About Avolon
Avolon is a leading global aviation finance company connecting
capital with customers to drive the transformation of aviation and
the economic and social benefits of global travel. We pride
ourselves on our deep customer relationships, our collaborative
team approach, and our fast execution. We invest with a long-term
perspective, diversifying risk and managing capital efficiently to
maintain our strong balance sheet. Working with 145 airlines in 64
countries, Avolon has an owned, managed, and committed fleet of
1,033 aircraft, as of 31 March 2024. www.avolon.aero
Note Regarding Forward-Looking Statements
This document includes forward-looking statements, beliefs or
opinions, including statements with respect to Avolon’s business,
financial condition, results of operations and plans. These
forward-looking statements involve known and unknown risks and
uncertainties, many of which are beyond our control and all of
which are based on our management’s current beliefs and
expectations about future events. Forward-looking statements are
sometimes identified by the use of forward-looking terminology such
as “believe,” “expects,” “may,” “will,” “could,” “should,” “shall,”
“risk,” “intends,” “estimates,” “aims,” “plans,” “predicts,”
“continues,” “assumes,” “positioned” or “anticipates” or the
negative thereof, other variations thereon or comparable
terminology or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts,
including with respect to the closing of the Offering.
Forward-looking statements may and often do differ materially from
actual results. No assurance can be given that such future results
will be achieved, that any private placement of senior unsecured
notes will occur following the investor calls or, regardless of
whether a private placement of senior unsecured notes is
consummated, that any ratings agencies will upgrade Avolon to
investment grade. Avolon does not intend, and undertakes no duty,
to update any information contained herein to reflect future events
or circumstances, except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240616335614/en/
David Breen / Joe Brennan Avolon Investor Relations
ir@avolon.aero T: +353 1 231 5800 Douglas Keatinge Avolon Head of
Communications dkeatinge@avolon.aero T: +353 86 037 416