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Avolon Raises $250M From PE Firms
Aircraft leasing group, Avolon, has raised $650 million from its existing private equity backers and three European aviation banks.
Aircraft leasing group,Avolon, has raised $650 million from its existing private equity backers and three European aviation banks,The Wall Street Journalreports. Avolon raised $250 million of equity fromCinven,CVC Capital PartnersandOak Hill Capital Partners, and a further $400 million of debt finance throughDVB,Nord LBandKfW IPEX-Bankin a separate bilateral deal.
The company, which will use the financing to fund the acquisition of 11 new aircrafts to expand its fleet, is planning to raise a further $1 billion of debt in 2011. The recent deal takes the amount raised under 12 months to $2 billion.
Click here for the story fromThe Wall Street Journal.
Click here for additional coverage fromReuters.