PE-Backed Avolon Raises $465M in Debt Financing

Aircraft leasing company Avolon, which is backed by private equity firms Cinven, CVC and Oak Hill Capital Partners, has raised $465 million from Wells Fargo Securities, Citigroup and Morgan Stanley, Reuters reported. The money will help Avolon add aircraft and additional warehouse space, Reuters said.

(Reuters) -Aircraft leasing company Avolon has raised $465 million of capital it plans to put towards a number of aircraft and additional warehouse capacity, the Dublin-based group said on Tuesday.

The financing, the group’s third since launching in May last year, was provided by a consortium including Wells Fargo Securities , Citigroup Inc and Morgan Stanley .

It brought the total value of funds raised in the eighth month period to in excess of $2.5 billion. In December Avolon ordered eight Airbus A320s, valued at over $600 million, to bring its fleet to over 60 aircraft.

The group, whose investors include private equity firms Cinven [CINV.UL], CVC [CVC.UL] and Oak Hill Capital Partners, have also completed an initial order for 12 737-800 NG aircraft from Boeing.

(Reporting by Padraic Halpin; Editing by Will Waterman)