Avolon places $2.98 billion of acquisition facilities with five banks

By Wendy Van Sickle

Columbus, Ohio, Nov. 3 – Avolon Holdings Ltd. placed 35% of the $8.5 billion debt financing facilities, led by Morgan Stanley & Co. LLC and UBS Investment Bank for the acquisition of the aircraft leasing business of CIT Group Inc., according to a press release.

The company said it also concurrently upsized its unsecured revolving credit facility to $950 million.

Avolon placed $2,975,000,000 with Barclays, JPMorgan Chase Bank NA, BNP Paribas; Credit Agricole CIB and SunTrust Bank. The placement was increased from an initial target of 30%.

The company announced Oct. 6 that it would acquire the from CIT for $10 billion, a price it said was subject to change based on net asset value changes through closing.

The transaction will be financed by a combination of cash, new equity and the new financing facilities.

Avolon is based in Dublin and provides aircraft leasing and lease management services.

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