KKR, AV AirFinance | June 14, 2021
KKR, a global investment firm, announced AV AirFinance Limited, a global commercial aviation loan servicer founded by a team of seasoned industry professionals in collaboration with KKR. The new secured loan servicing platform includes stable, long-term capital with decades of experience structuring commercial aircraft loan transactions to provide unique and innovative financing options to commercial aviation clients worldwide.
KKR and AV AirFinance have agreed to buy a nearly $800 million portfolio of aviation loans from CIT Group to assist with the launch, which includes more than 50 loans for around 60 commercial aircraft. These loans in the portfolio have an average yield in the mid-single digits and a remaining duration of four years.
Chief Executive Officer Siggi Kristinsson leads AV AirFinance. He is an industry veteran who most recently co-founded and served as CEO of Volito Aviation Services AB. This firm provides debt origination and consulting services to Goldman Sachs and other financial institutions. Mr. Kristinsson is assisted by a seasoned team of aviation financing experts with decades of expertise in secured lending totaling more than $25 billion in value through many market cycles. Ryan Jasinski joins AV AirFinance from CIT as part of the associated portfolio acquisition and will continue to focus on loan origination in the Americas. Per Waldelof, former president of PK AirFinance, works as a consultant for AV AirFinance, assisting loan origination and other elements of the company's operations.
AV AirFinance will provide services to diverse commercial clients, including airlines, cargo operators, lessors, manufacturers, and investors, throughout the ownership cycle, including PDP, acquisition, leasing, conversion, and tear down. AV AirFinance offers worldwide origination skills and the financial capability to arrange longer-term, flexible, and competitive financing for a wide variety of single aircraft and extensive portfolio deals through its partnership with KKR.
Separate accounts controlled by KKR are funding the portfolio acquisition from CIT. AV AirFinance is KKR's latest aviation investment, following previous Altitude Aviation, Altavair, KKR DVB Aviation Capital, K2 Aviation, DCAL Aviation, Wheels Up, Global Jet Capital, and JetEdge.
KKR is a global investment firm that specializes in alternative asset management, capital markets, and insurance solutions. KKR seeks to achieve excellent investment returns by using a patient and disciplined approach to investing, employing world-class people, and fostering growth in its portfolio businesses and communities. KKR manages hedge funds and sponsors investment funds in private equity, credit, and real estate. The Global Atlantic Financial Group operates KKR's insurance companies, including retirement, life, and reinsurance products. References to KKR's investments might consist of the activities of its sponsored funds and insurance subsidiaries.
About AV AirFinance Limited
AV AirFinance Limited is a commercial aviation loan servicer founded in collaboration with KKR. Airlines, lessors, manufacturers, and investors can all benefit from AV AirFinance's secured financing solutions. AV AirFinance's team has decades of expertise structuring commercial aircraft loans. Due to its partnership with KKR, it has the financial strength and capacity to provide competitive financing and the knowledge to engage in the worldwide commercial aviation lending space effectively. AV AirFinance has offices in Ireland and the United States.
Delta | April 23, 2020
Delta and United have reported their first quarterly losses in more than five years. Their competitors are also expected to release dismal results in the coming weeks. The next few months look even more painful for the sector as the coronavirus pandemic saps air travel demand during what is normally the most lucrative time of year.
Air travel has dropped by more than 95% as the Covid-19 pandemic spreads around the U.S. Now, states hard-hit by the pandemic like New York are extending stay-at-home advisories for the next several weeks and canceling events through June in New York City, a sign that business isn’t even close to returning to normal yet. Bleak economic data and a rising unemployment rate are increasing doubts about when travelers will return.
Liaoning | October 21, 2020
At the 9th Shenyang Faku International Flight Conference, which opened on the 17th, a comprehensive exercise of aviation fire emergency rescue across water, land and air attracted the attention of visitors. "The unmanned helicopter we used in the exercise has a maximum load of 15 kilograms, a maximum speed of 150 kilometers per hour, can withstand force 7 winds, and can also realize sea flight waterproof and anti-salinization. Its own helicopter fuselage and propeller design for airflow can enable it to achieve greater load and fly to higher heights. It can carry 4-6 fire balls at a time, which is more suitable for emergency rescue. At present, this product has been put into use in many cities in China," Chen Kun, general manager of Shandong Ruitai Zhengqian Intelligent equipment Co., Ltd.