Mon, Jan 21, 2013
Initial Target Portfolio Size Of $500 Million
International aircraft leasing company Avolon has revealed its intention to partner with Wells Fargo & Company (“Wells Fargo”) to form a new joint-venture aircraft leasing business called Avolon Capital Partners Limited ("ACP" or the "Business"). The formation of ACP is subject to a number of regulatory approvals. Since its inception in 2010, Avolon has raised a total of $3.7 billion of debt capital from a wide range of financial institutions, including Wells Fargo, who has been a significant lender to Avolon since January 2011.
ACP will build an aircraft fleet primarily through sale and leaseback transactions with airlines on new aircraft. ACP will focus on young, fuel-efficient single aisle and twin-aisle aircraft with an initial target portfolio size of $500 million. Wells Fargo will be the majority shareholder and provide banking and debt financing facilities for the Business. ACP will be headquartered in Dublin. Existing Avolon and Wells Fargo team members will serve as ACP’s management team and provide business expertise. ACP will combine the aircraft leasing expertise of Avolon and the leading international financial franchise of Wells Fargo.
Avolon’s Chief Financial Officer, Andy Cronin, will serve as a Director on the Board of ACP. Daire O’Criodain, an executive at Avolon, who has extensive experience in the aircraft leasing industry, will serve as ACP’s Managing Director. “We are delighted to announce the formation of ACP. Avolon has a strong relationship with Wells Fargo and they remain a core lender to the Avolon business," Cronin said. "The joint-venture is a natural evolution of our relationship and combines their international franchise with the expertise and capability of the Avolon team. Wells Fargo’s investment in this joint-venture also reflects the growing institutional investor interest in aircraft finance and leasing due to the sector’s ability to deliver consistently strong risk adjusted returns.”
Combining The Capabilities Of Apple Technology And ADS-B Out May Replace Airline Pilot Medicals, But There Could Be A Catch ANN's April 1 "April Fool" Special Edition As the Pilots>[...]
Proposes Legislation To Have Journalists Pass A Basic Written Exam ANN’s April 1 “April Fools” Special Edition Senator James Inhofe (R-OK) has proposed legislatio>[...]
Carrier Says Americans Unwilling To Take The Jobs At What It Can Afford To Pay ANN’s April 1 “April Fool” Edition It may just be the tip of the iceberg, but Repub>[...]
Tries To Prevent Launches From Returning To American Soil The Russian Space Agency Roscosmos has filed a lawsuit in a Russian court against Boeing and SpaceX, saying the two U.S. c>[...]
Also: Inhofe Demands Media Aero-Accountability, "Super Duper" Cub, RANS' Exclusive WalMart Deal, Obama To Keep Air Force One, Cessna Bringing Back Bamboo Bomber Pop-star legend, Da>[...]