Private equity-backed aircraft leasing group Avolon has picked up a new $500m secured loan facility to back its growing fleet of aircraft.
Cinven, CVC and Oak Hill Capital invested $750m of equity in the company in 2010 as part of a $1.4bn financing package, with the trio injecting another $250m of equity a year later.
Singapore sovereign wealth fund GIC provided $300m of equity capital later in 2011.
The Ireland-headquartered business provides aircraft leasing and lease management services, and has a 183-strong fleet serving 41 customers in 25 countries.
Avolon CFO Andy Cronin said, “The successful closing of this $500m facility demonstrates our ability to secure flexible, cost efficient and long-term capital to finance our continued growth.
“The $800m of commitments we have added since January follows additional debt financing of $1.6bn raised in 2013, including our inaugural $636m Emerald Aviation Finance ABS.”
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