29 Jul 2019
Irish Aircraft Leasing Newsletter 29 July
AerCap delivers fifth Boeing 787 Dreamliner on lease to Egyptair
AerCap announced 23rd July the delivery of a new Boeing 787-9 to Egyptair, the fifth 787 of a 6-aircraft deal, from AerCap’s order book with Boeing. The remaining 787 aircraft is scheduled to deliver to Egyptair in August 2019. AerCap is the world’s largest customer of the 787 aircraft, with a total of 114 owned, managed and on order.
A&L Goodbody wins aviation finance innovation award
A&L Goodbody’s aviation and transport finance team has won recognition for its innovative work on a $575.4 million securitisation last year. The team acted as Irish counsel on Thunderbolt II Aircraft Lease Limited’s (TBOLT II) $575.4 million securitization, backed by a portfolio of 18 aircraft. Accepting this award on behalf of A&L Goodbody, partner Maireadh Dale said “We are delighted to be recognised for our role in this innovative deal. This was the first 144A / Reg S Aircraft Portfolio Shares to the market in a broadly distributed offering process where both the equity and debt securities were marketed and issued concurrently.”
Avolon Announce Q2 2019 Profit Of US$185 Million
Avolon posted a 26% drop in second-quarter profit to $185 million, but achieved an investment grade corporate credit rating earlier than planned, according to the Irish aircraft lessor. The Dublin based lessor said lease revenue for the quarter was $678 million. The lessor had $6.4 billion of available liquidity at the end of the quarter, end-June, and generating $423 million of net cash from operating activities.
FPG Amentum opens Hong Kong office
FPG Amentum announced 25th July the opening of its newly set-up 100% subsidiary FPG Amentum HK Ltd. Through the Hong Kong presence the group will further strengthen its growing Asia-activities.
KBRA Affirms Ratings for Castlelake Aircraft Structured Trust 2017-1
Kroll Bond Rating Agency, Inc. (KBRA) affirmed 23rd July the ratings on the Class A Loans, Class B Loans and Class C Loans of Castlelake Aircraft Structured Trust 2017-1, an aircraft ABS transaction, which closed on July 19, 2017. As of March 31, 2019, 41 aircraft were on lease to 15 lessees located in 11 countries.
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