Avolon raises $1bn bank facility
Aviation finance company Avolon has raised $1 billion in a new unsecured dual tranche bank facility with six banks in the Middle East as it diversifies its capital sources.
The move follows the announcement of a new $1.1 billion senior unsecured facility late last month, bringing the total of new unsecured facilities raised in the second quarter to $2.1 billion.
The new facility, which has a conventional and an Islamic tranche, includes five new banks and was coordinated by Emirates NBD Capital, alongside Abu Dhabi Commercial Bank and Warba Bank as initial mandated lead arrangers and bookrunners.
Avolon previously raised a $750 million credit facility in June last year that had significant participation from Middle East banks.
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'This facility further expands our banking relationships in the Middle East consistent with our strategy of diversifying our sources of capital,' said Ross O'Connor, chief financial officer of Avolon.
'It demonstrates the strong appetite in the region for high quality aviation lending opportunities, with Avolon's positive financial trajectory and successful growth strategy ensuring the transaction was well supported.'
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Avolon raises $1bn bank facility
Aviation finance company Avolon has raised $1 billion in a new unsecured dual tranche bank facility with six banks in the Middle East as it diversifies its capital sources. The move follows the announcement of a new $1.1 billion senior unsecured facility late last month, bringing the total of new unsecured facilities raised in the second quarter to $2.1 billion. The new facility, which has a conventional and an Islamic tranche, includes five new banks and was coordinated by Emirates NBD Capital, alongside Abu Dhabi Commercial Bank and Warba Bank as initial mandated lead arrangers and bookrunners. Avolon previously raised a $750 million credit facility in June last year that had significant participation from Middle East banks. READ MORE 'This facility further expands our banking relationships in the Middle East consistent with our strategy of diversifying our sources of capital,' said Ross O'Connor, chief financial officer of Avolon. 'It demonstrates the strong appetite in the region for high quality aviation lending opportunities, with Avolon's positive financial trajectory and successful growth strategy ensuring the transaction was well supported.'
