PRESS RELEASE
AerCap Signs Agreement to Sell Six A320 Aircraft to Avolon
and Establishes Joint Venture With Avolon to Own Three A330 Aircraft
AMSTERDAM, The Netherlands, May 25, 2010 - AerCap
Holdings N.V. (“AerCap,” NYSE: AER) announced today that it
has signed an agreement with Dublin-based aircraft leasing company Avolon for
the sale of six A320s. Four of the aircraft are new (2010 manufactured) and are
part of the AerVenture portfolio, a joint venture between AerCap and Abu
Dhabi’s investment holding company Waha Capital. The
other two aircraft are owned by AerCap
and were manufactured in 2008. All aircraft have been sold with leases
attached.
In addition to the A320 sale,
AerCap has established a joint venture with Avolon which owns three of AerCap’s
A330-200 aircraft on long-term leases with Aeroflot. AerCap and Avolon will each
contribute 50% of the equity required for this joint venture. AerCap will
continue to manage the aircraft and the related leases.
AerCap’s CEO Klaus Heinemann said: “Investor demand for new
aircraft has significantly increased over the last few months, especially when
linked to long-term leases with prime airlines. This market environment has
provided attractive opportunities for us to sell aircraft from our young, fuel-efficient
portfolio and from our order positions in order to achieve our diversification
objectives and further optimize our portfolio.”
Domhnal Slattery, CEO
of Avolon, added: “Following our
successful US$1.4 billion initial capital raise, we are pleased to announce
this important transaction with AerCap
and to welcome five new airline customers to Avolon. Our
objective is to build Avolon into a leading player in the global aircraft
leasing sector by deploying our capital effectively and in a manner which meets
our airline customer requirements and our expected rates of return. Our primary focus
will be on Airbus A320 and Boeing 737NG family aircraft but, as today’s
announcement demonstrates, we retain the capability to invest in long-haul
aircraft which meet our risk and return criteria.”
Headquartered in Ireland, with offices in New
York, Hong Kong and Shanghai,
Avolon provides aircraft leasing and lease management services. Earlier this
month, Avolon successfully completed its initial capital raise of
US$1.4 billion including an equity commitment of US$750 million from three
private equity firms, Cinven, CVC Capital Partners
and Oak Hill Capital Partners.
About AerCap
Holdings N.V.
AerCap is the world’s leading
independent aircraft leasing company. AerCap also provides engine leasing,
aircraft management services, aircraft maintenance, repair and overhaul
services and aircraft disassemblies. AerCap
is headquartered in The Netherlands and has offices in Ireland, the United
States, China,
Singapore and the United Kingdom.
This
press release may contain forward-looking statements that involve risks and
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Contact for Media:
Frauke Oberdieck
+31 20 655 9616
foberdieck@aercap.com
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Contact for Investors:
Peter Wortel
+31 20 655 9658
pwortel@aercap.com
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www.aercap.com