Avolon, the Dublin-based aircraft lessor, has said it executed some 39 new lease transactions in the first three months of the year – up from 31 over the same period in 2023 – and delivered a total of 12 new aircraft to customers in the first quarter.
In a trading update issued on Thursday, the group also said it sold nine aircraft between January and March, compared with two in the first quarter of last year, and entered into letters of intent for the sale of a further 17.
Avolon’s total owned and managed fleet stood at 577 at the end of March, it said, roughly unchanged year-on-year.
Meanwhile, the group raised $1.4 billion (€1.29 billion) of unsecured debt capital in the first quarter, comprised of $1.15 billion in senior unsecured notes due in 2029 and a $250 million unsecured term loan due for repayment in 2026.
Planning regulator Niall Cussen: We can overcome the housing crisis, ‘if we put our minds to it’
On his return to Web Summit, the often outspoken chief executive Paddy Cosgrave is now an epitome of caution
Surviving a shake-up: is restructuring ever good for staff?
The Irish Times Business Person of the Month: Dalton Philips, Greencore
At the end of the year, Avolon had total available liquidity of $7.2 billion, including $690 million of unrestricted cash and $6.2 billion of undrawn debt facilities. Avolon last year raised $4.9 billion of debt across both the public and private markets, and post quarter end, it issued $1.15 billion of senior unsecured notes maturing in 2029.
Throughout 2023, the company ordered 200 new aircraft, and executed 147 lease transactions including new aircraft leases, follow-on leases and lease extensions.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
