Avolon to acquire Castlelake Aviation Limited
Irish headquartered aircraft lessor Avolon is set to acquire Castlelake Aviation Limited, a company with total assets of $5 billion as of the end of March.
This includes a portfolio of 105 aircraft on lease, commitments for 13 new-technology aircraft, 2 engines on lease, and 9 loans.
The portfolio is 68% narrowbody aircraft, and 70% new technology aircraft.
It has a weighted average aircraft age of 4.7 years, and a weighted average remaining lease term of 8.4 years.
Avolon which $8.2 billion of available liquidity at the end of June, said the transaction will accelerate the company's earnings growth.
"Our balance sheet strength, high levels of liquidity, and established capital markets access have enabled us to acquire these assets," said Andy Cronin, CEO of Avolon.
"They are complementary to our existing portfolio and will increase our fleet at attractive yields, supporting our positive ratings trajectory," he added.
Joe McConnell, Castlelake Partner and Deputy Co-Chief Investment Officer described the transaction as a win for all parties.
