Avolon Adds Five Banks to Acquisition Debt Facilities for Transaction with CIT Group

DUBLIN & HONG KONG--()--Avolon, the international aircraft leasing company, announces that it has placed 35% of the US$8.5 billion debt financing facilities, led by Morgan Stanley & Co. LLC (Morgan Stanley) and UBS Investment Bank (UBS), for the acquisition of the aircraft leasing business of CIT Group Inc.

Avolon successfully placed US$2.975 billion with five banks: Barclays; JPMorgan Chase Bank N.A.; BNP Paribas; Credit Agricole Corporate and Investment Bank; and SunTrust Bank. The placement was increased from an initial target of 30%.

Concurrent with the closing of the placing, Avolon has also increased its unsecured revolving credit facility to US$950 million.

ENDS

About Avolon

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. As of the end of the third quarter of 2016, Avolon’s owned, managed and committed fleet, comprised 432 aircraft with an average owned aircraft age of 3.2 years. On 6 October, 2016, Avolon announced an agreement to acquire the aircraft leasing business of CIT Group which will create a leading aircraft leasing business with an owned, managed and committed fleet of 910 aircraft valued at over US$43 billion.

Website: www.avolon.aero

Twitter: @avolon_aero

Contacts

Avolon
Jonathan Neilan
Europe & America
T: +353 1 663 3686
M:+353 8623 1415
avolon@fticonsulting.com
or
Sean Pattwell
Asia
T: +852 3768 4543
M:+852 9227 8321
avolon@fticonsulting.com

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