Avolon says 31 leases agreed in second quarter

Aircraft leasing company Avolon continued to build on momentum in the aviation sector in the second quarter of the year.

In a trading update on Thursday, the company said it executed 31 lease transactions, which included new aircraft leases, follow-on leases and lease extensions, and entered into letters of intent for the sale and leaseback of nine aircraft.

Avolon also confirmed an order for 40 Boeing 737 MAX aircraft and agreed to order 20 Airbus A330neo aircraft during the three-month period. The Airbus deal was announced at the Paris Air Show last month, and the formal signing of the Boeing deal also took place at the aviation show.

Five new aircraft were delivered during the quarter, and Avolon said it transitioned 13 aircraft to 10 customers, sold three and executed sale agreements for a further 17.

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At the end of the quarter, the company had an fleet of 578 aircraft that it both owns and manages, with orders and commitment for almost 300 new fuel-efficient aircraft. It added two customers, bringing the total number to 149 operating in 65 countries

The company raised $3.4 billion (€3.1 billion) of debt capital in the quarter, including a private offering of $750 million of senior unsecured notes and a $1.7 billion term loan refinancing.