NOVEMBER 3RD, 2016
Avolon adds five banks to acquisition debt facilities for transaction with CIT Group
Dublin & Hong Kong | 3 November, 2016: 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.