Lessor Avolon issued an update for the third quarter showing it sold 11 aircraft during the quarter, ending the quarter with 59 aircraft agreed for sale. The company said it delivered nine new aircraft and transitioned five aircraft to a total of 11 customers.
Avolon said it entered into letters of intent for the sale and leaseback of nine aircraft, has a customer base of 141 airlines operating in 62 countries and ended the quarter with an owned and managed fleet of 577 aircraft, with total orders and commitments for 442 fuel-efficient, new technology aircraft.
The company also said in its acquisition of Castlelake Aviation that it will acquire a portfolio of 105 aircraft, two engines and 13 aircraft commitments and total assets of approximately $5.0 billion. The portfolio consists of aircraft with an average age of 4.7 years and 70% of the portfolio invested in new technology aircraft.
Avolon said up to US$3.3 billion of transferable debt will be available to Avolon on closing, with the balance funded from Avolon’s existing sources of liquidity. Pro forma for the transaction, Avolon would have an owned, managed and committed fleet of 1,137 aircraft as of 30 September and Avolon’s balance sheet metrics remain within target investment grade ranges. The deal is expected to close in Q1 2025, subject to customary closing conditions.
BOC Aviation signs leases with United
BOC Aviation announced that it has entered into a lease transaction involving three Boeing 737-9 and one 787-9 aircraft with United Airlines. The three B737-9 are all powered by CFM LEAP-1B engines and the B787-9 by General Electric GEnx engines. All four aircraft are currently in operation by United. “We are delighted to be supporting our long-time customer, United, once again, as it continues its fleet renewal programme,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “The financing of these four latest generation Boeing aircraft provides us with an incremental investment opportunity as we continue to grow our business.”
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