Aircastle's post-Halloween surprise spooks investors
November 3rd 2016: The extent to which impairments can affect an otherwise good performance - and scare investors in the process - is reflected in the market reaction to Aircastle's Q3 results, writes John Stanley. In its release on November 1st the company highlighted that its total revenues in Q3 were $194.7 million, total lease rental and finance and sales-type lease revenues of $187.3 million, while net income was $27.4 million, or $0.35 per share (and adjusted net income of $29.7 million, or $0.38 per share) compared to a net loss of $14.0 million, or $0.17 per share in the same three months of 2015.
Avolon sees strong demand from banks to provide debt for CIT transaction
November 3rd 2016: Avolon 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.
ALC brings younger planes, longer leases to market in first term securitisation
November 1st 2016: In the first term securitisation of aircraft managed by Air Lease Corporation, Blackbird Capital Aircraft Lease Securitization Ltd 2016-1 and US LLC 2016-1 is seeking to raise $800.0 million Asset Backed Notes to purchase a young fleet of 19 aircraft on lease to 16 airlines located in 13 countries. Blackbird is a joint venture between Napier Park Global Capital (US) LP and ALC. The portfolio includes one aircraft, a 787-9 not scheduled for delivery until next January, which is subject to an LOI in respect of a 12-year lease with Air Canada.
BOC closes $1.5b syndicated revolving credit facility
October 31st: BOC Aviation has closed a $1.5 billion unsecured syndicated revolving credit facility which was increased from an initial launch size of $1 billion. The company said in a statement that the facility comprises two tranches of $750 million each, with tenors of three years and five years respectively. It is BOC Aviation's largest ever financing transaction.
Willis Lease Finance swoops for Total Engine Support
October 27th 2016:Willis Lease Finance has purchased the business and assets of Total Engine Support Limited (TESL) from Wales-based TES Aviation Group after the parent company went into administration.
Perception gap between lessors and lessees identified in new research by IBA
October 26th 2016: New research from aviation consultancy IBA on aircraft redeliveries highlights a large perception gap between lessors and airlines in relation to the redelivery of end of lease aircraft. The research shows that over 80 per cent of lessors thought that lessees engaged too late on at least 50 per cent of returns. The research is published in a new paper Redeliveries Revisted published by IBA.
Avolon to acquire aircraft leasing business of CIT Group with combined fleet of 910 aircraft with value of over US$43 billion, creating the world’s third largest aircraft leasing platform.
October 6th 2016: Avolon Holdings Limited, a wholly owned subsidiary of Bohai Capital Holding Co.Ltd. listed on the Shenzhen Stock Exchange announced an agreement to acquire the aircraft leasing business of CIT Group Inc. (NYSE: CIT). The deal will create an in-service, (owned and managed) and committed fleet of 910 aircraft valued at over US$43bn. The transaction is subject to required regulatory approvals, including approval from the US SEC, and is expected to close in Q1 2017.
GECAS delivers first A320neo to AirAsia
September 15th 2016: GECAS has delivered its first A320neo to AirAsia. This isthe first aircraft in a 5 aircraft sale/leaseback transaction that GECAS has agreed with AirAsia for the new technology narrowbody. Significantly, this is the first A320neo to enter GECAS' portfolio and also the first A320neo to enter AirAsia's fleet (of the circa 400 it has on order).
AerCap delivers its first Airbus A320neo on lease to Volaris
September 12th 2016: AerCap Holdings N.V. (NYSE: AER) today announced the delivery of its first Airbus A320neo on lease to Volaris, making the airline the first carrier in North America to operate the aircraft type. This is the first of 10 A320neo aircraft to deliver to Volaris by AerCap, with a further 6 A321neo aircraft on order, delivering through 2018.