Avolon Prices US$850 Million Senior Unsecured Notes Due 2031
Avolon completes US$850 million senior unsecured notes issuance, raising over US$4.5 billion in unsecured capital during 2025.

This article is based on an official press release from Avolon.
Global aviation finance company Avolon has announced the successful pricing of a private offering of US$850 million in senior unsecured notes. According to the company’s official statement released on December 3, 2025, this transaction represents the final major financing activity of a prolific year, bringing Avolon’s total unsecured capital raising for 2025 to over US$4.5 billion.
The newly priced notes carry a coupon of 4.700% and are set to mature in 2031. This issuance underscores the lessor’s ability to access liquidity at competitive rates, following a series of credit rating upgrades earlier in the year. The offering is expected to close on or about December 11, 2025, subject to customary closing conditions.
Transaction Overview and Financial Terms
The notes were issued by Avolon Holdings Funding Limited, a wholly owned subsidiary, and are fully and unconditionally guaranteed by Avolon Holdings Limited. In its disclosure, the company outlined that the proceeds from this offering will be utilized for general corporate purposes, which may include the repayment of outstanding indebtedness.
Key financial details provided in the announcement include:
- Principal Amount: US$850 million
- Interest Rate: 4.700%
- Maturity: 2031 (approximately a 5.5-year tenor)
- Closing Date: Expected December 11, 2025
The notes are being offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. As is standard for such private offerings, the notes have not been registered under the U.S. Securities Act.
Strategic Context: A Record Year for Capital Raising
This December issuance caps a highly active fiscal year for the Dublin-based lessor. Avolon has consistently accessed the debt markets throughout 2025 to extend its maturity profile and diversify funding sources. According to data released by the company, the aggregate unsecured capital raised this year exceeds US$4.5 billion.
The company’s funding timeline for 2025 highlights a strategy of frequent market engagement:
- March 2025: Priced US$850 million of 5.375% notes due 2030.
- May 2025: Secured a US$1.0 billion unsecured bank facility.
- July 2025: Priced US$650 million of 4.900% notes due 2030.
- September 2025: Priced US$1.25 billion of 4.950% notes due 2032.
- December 2025: Priced US$850 million of 4.700% notes due 2031.
AirPro News Analysis: Improving Cost of Debt
Analyzing the coupon rates across Avolon’s 2025 issuances reveals a positive trend for the company’s cost of capital. The interest rate on senior unsecured notes has compressed from 5.375% in March to 4.700% in December. This reduction signals tightening spreads and robust investor demand for Avolon’s debt.
We attribute this improved pricing power largely to the credit rating upgrades Avolon received in May 2025. Following those adjustments, the company now holds a BBB (Stable) rating from Fitch and a Baa2 (Stable) rating from Moody’s, while S&P revised its outlook to Positive. These investment-grade metrics are critical for lessors seeking to maintain low borrowing costs in a capital-intensive industry.
Operational Scale and Market Position
Avolon’s financial activities support a massive operational footprint. As of late 2025, the company reports an owned, managed, and committed fleet of over 1,100 aircraft. This scale allows the lessor to play a pivotal role in global airline fleet renewal.
In the third quarter of 2025 alone, Avolon placed orders for 90 new technology aircraft, reinforcing its growth trajectory. The company is currently owned 70% by an indirect subsidiary of Bohai Leasing Co., Ltd., and 30% by ORIX Aviation Systems.
“The net proceeds from the offering will be used for general corporate purposes, which may include the repayment of outstanding indebtedness.”
, Avolon Press Release, December 3, 2025
Frequently Asked Questions
- When will the transaction close?
- The offering is expected to close on or about December 11, 2025.
- What is the interest rate on the new notes?
- The notes carry a coupon of 4.700%.
- How much capital has Avolon raised in 2025?
- Including this transaction, Avolon has raised over US$4.5 billion in unsecured capital throughout 2025.
- Who owns Avolon?
- Avolon is 70% owned by a subsidiary of Bohai Leasing Co., Ltd., and 30% owned by ORIX Aviation Systems.
Sources
Photo Credit: Avolon
MRO & Manufacturing
Colliers Partners with FSB to Expand Aviation and Mission-Critical Engineering
Colliers partners with FSB to establish a national aviation practice and expand capabilities in federal and mission-critical sectors, closing in Q2 2026.

This article is based on an official press release from Colliers.
Leading diversified professional services and investment management company Colliers has announced that the U.S. division of its Engineering segment has entered into a definitive agreement to partner with Frankfurt-Short-Bruza Associates P.C. (FSB). The transaction, which was officially announced on May 12, 2026, is expected to close in the second quarter of the year.
The strategic partnership is designed to establish a national aviation practice for Colliers Engineering & Design while significantly expanding the firm’s capabilities across the federal, mission-critical, and Native American sectors. Under the unique partnership model utilized by Colliers, senior leadership at FSB will become significant shareholders in Colliers Engineering, ensuring continuity and shared long-term goals.
While the specific financial terms of the transaction were not disclosed in the company’s press release, Black Iron Advisers, LLC acted as the exclusive financial advisor to FSB during the process.
Expanding Aviation and Federal Capabilities
Founded in 1945 and headquartered in Oklahoma City, FSB is a multidisciplinary engineering and design firm. According to the official release, the company employs over 140 professionals across five offices, offering mechanical, electrical, and plumbing (MEP) engineering, alongside structural engineering and architectural services.
FSB has cultivated a national reputation as a premier leader in aviation facility design. The firm brings a robust portfolio to Colliers, boasting over $4.7 billion in federal and commercial aircraft hangar projects.
Overcoming High Barriers to Entry
The aviation facility design market is notoriously difficult to penetrate. Industry research highlights that designing hangars, maintenance facilities, and cargo buildings requires highly specialized engineering. These projects demand clear-span structural systems, specialized fire suppression technologies such as high-expansion foam, complex floor markings for aircraft safety, and strict adherence to Federal Aviation Administration (FAA) and military regulations.
By partnering with FSB, Colliers effectively bypasses the years of relationship-building and specialized portfolio development typically required to win lucrative federal and commercial aviation contracts.
“FSB has built an exceptional reputation delivering complex aviation, federal, and mission‑critical projects. Their design‑led culture, deep engineering expertise, and established client relationships are a perfect fit for our organization.”
Capitalizing on the Mission-Critical and Data Center Boom
Beyond aviation, the transaction provides Colliers Engineering with a significant opportunity to capitalize on the historic demand for data center projects. The press release explicitly notes FSB’s focus on mission-critical markets as a key driver for the partnership.
Market data provided by industry research reports underscores the scale of this opportunity. Driven by artificial intelligence (AI) and cloud infrastructure expansion, the U.S. data center construction market was valued at $48.18 billion in 2024 and is projected to reach $112 billion by 2030. Furthermore, U.S. data center power capacity is expected to triple, jumping from roughly 30 GW in 2025 to 90 GW by 2030.
Addressing Execution Capacity
A major bottleneck in the 2026 data center construction market is not a lack of capital, but rather “execution capacity,” specifically, the availability of highly specialized MEP engineering and construction labor. Acquiring an established firm like FSB provides Colliers with the immediate, specialized workforce required to execute these complex, power-intensive structural and electrical engineering overhauls.
“Joining Colliers Engineering represents an exciting new chapter for our people and our clients. Colliers Engineering’s commitment to technical excellence, partnership culture, and client service aligns seamlessly with how we’ve built our business.”
AirPro News analysis
We view this partnership as a textbook execution of “The Colliers Way,” a long-term growth strategy that blends internal expansion with aggressive, strategic acquisitions. In recent years, Colliers has scaled its engineering foundation massively by acquiring regional, specialized leaders such as Bolton Perez & Associates in 2021, MG2 Corporation in 2024, and Terra Consulting Group in 2025.
Retaining FSB’s executive talent through equity partnerships is a critical component of this strategy. FSB President and CEO Gene O. Brown brings over two decades of experience managing government projects, including facilities for emerging aircraft like the B-21, VC-25B, and F-35. This specialized leadership gives Colliers immediate credibility and access to highly regulated federal and military infrastructure projects, perfectly timing their entry into the AI-driven infrastructure boom.
Frequently Asked Questions
When is the Colliers and FSB partnership expected to close?
According to the official press release, the transaction is expected to close in the second quarter of 2026.
What sectors will Colliers Engineering expand into with this partnership?
The partnership will allow Colliers Engineering to establish a national aviation practice and significantly expand its capabilities in the federal, mission-critical (data center), and Native American sectors.
What is the financial value of the transaction?
The specific financial terms of the transaction were not disclosed. However, FSB’s senior leadership team will become significant shareholders in Colliers Engineering as part of the agreement.
Sources
Photo Credit: Colliers
Route Development
Landline and Massport Launch Logan Airport Remote Terminal in Framingham
Landline and Massport introduce North America’s first off-airport TSA checkpoint at Framingham, streamlining travel to Boston Logan Airport.

On May 18, 2026, mobility company Landline and the Massachusetts Port Authority (Massport) announced a groundbreaking partnerships to launch the Logan Airport Remote Terminal at Framingham. According to the official press release, this facility will serve as North America’s first off-airport Transportation Security Administration (TSA) security checkpoint. The pilot program is scheduled to officially launch on June 1, 2026.
The service is designed to allow eligible passengers to check in, drop their luggage, and clear TSA security in the suburbs before boarding a secure motorcoach. This coach then transports travelers directly to their airside departure gate at Boston Logan International Airport (BOS), bypassing traditional terminal congestion and streamlining the travel experience.
Operational Details of the Framingham Remote Terminal
Eligible Airlines and the Passenger Journey
During the initial pilot phase, the remote terminal service is exclusively available to passengers flying on Delta Air Lines and JetBlue Airways. Travelers will arrive at the remote terminal, located in a former park-and-ride lot at 19 Flutie Pass in Framingham, Massachusetts, approximately 25 miles west of Boston Logan.
As outlined in the announcement, passengers will undergo the exact same federally approved TSA screening process as they would at Logan’s main checkpoints. Once cleared, they board a secure Landline coach bus for a 40 to 80-minute ride, depending on traffic. The bus drops passengers off post-security: Delta passengers arrive at Terminal A, Gate A18, and JetBlue passengers arrive at Terminal C, Gate C8. Checked bags are securely transported and transferred directly into the Logan baggage system to be loaded onto the aircraft.
Pricing, Parking, and Operating Hours
According to the provided operational details, the service is priced at $9 per adult each way, with children riding free when accompanied by a ticketed family member. Parking at the Framingham facility costs $7 per day, which the press release notes is significantly cheaper than parking directly at the airport. Tickets can be booked online between 90 days and 90 minutes prior to departure. Initially, the pilot program will operate for flights departing between 5:30 a.m. and 4:00 p.m., with buses running hourly.
Addressing Airport Congestion and Infrastructure Limits
Tackling Record Passenger Volumes
Industry data highlights the growing need for off-site solutions. U.S. airports handled a record 1 billion passengers in 2025, with annual throughput projected to hit 1.5 billion by 2040. In 2024, Boston Logan handled a record 43 million passengers, leading to severe congestion at curbsides and security checkpoints. Expanding physical airport footprints is highly expensive and logistically difficult in dense metropolitan areas, making remote terminals an attractive alternative to pouring more concrete.
Executive Commentary
David Sunde, CEO and Founder of Landline, emphasized the need for innovative solutions to travel friction in the company’s official statement.
“People love traveling , they just hate everything it takes to get there. The traffic, the parking, the lines, the chaos, all of those little uncertainties add up to a real headache before you ever reach your seat. We built Landline to fix that,” Sunde stated in the press release.
Rich Davey, CEO of Massport, highlighted the strategic vision behind the pilot program and its focus on passenger convenience.
“The Remote Terminal pilot program is part of Massport’s broader vision to reimagine the travel experience and make the passenger journey more seamless, connected, and efficient,” Davey noted.
AirPro News analysis
We view this development as a critical test case for the future of U.S. airport infrastructure. By intercepting passengers 25 miles outside the city, the program aims to take cars off the congested Massachusetts Turnpike and reduce the number of vehicles idling at the airport’s drop-off curbs. The TSA has been exploring off-site screening to relieve airport congestion for several years, with congressional funding for such pilot programs dating back to fiscal year 2019.
Furthermore, Massport has indicated plans to expand access to additional airlines in the future, and preliminary discussions are already underway regarding a second remote terminal facility in Braintree, Massachusetts, to serve passengers south of Boston. If successful, the Landline and Massport pilot could serve as a highly replicable blueprint for other landlocked, high-traffic airports across the country, such as JFK, LAX, or ORD, that are looking to decentralize their security and check-in processes.
Frequently Asked Questions (FAQ)
When does the Logan Airport Remote Terminal open?
The pilot program officially launches on June 1, 2026.
Which airlines are participating in the pilot?
During the initial phase, the service is available exclusively to passengers flying on Delta Air Lines and JetBlue Airways.
How much does the remote terminal service cost?
The bus service costs $9 per adult each way (children ride free with a ticketed family member). Parking at the Framingham facility is $7 per day.
Where do passengers get dropped off at Boston Logan?
Passengers are dropped off post-security directly at their terminals. Delta passengers are dropped at Terminal A, Gate A18, and JetBlue passengers at Terminal C, Gate C8.
Sources
Photo Credit: Massport
Business Aviation
Hill Helicopters GT50 Engine Nears Completion in UK
Hill Helicopters completes 99.5% of its UK-built GT50 turboshaft engine prototype, aiming for final assembly and HX50 test flight in 2026.

This article is based on an official press release from Hill Helicopters.
The United Kingdom’s aerospace sector is witnessing a historic manufacturing milestone. According to an official company update released on May 18, 2026, UK-based aerospace startup Hill Helicopters has announced that the prototype of its proprietary GT50 turboshaft engine is 99.5 percent complete and ready for final assembly. This development represents the first helicopter engine built entirely within the United Kingdom in nearly fifty years.
The GT50 engine is designed to power the company’s highly anticipated HX50 private helicopter and its commercial counterpart, the HC50. Hill Helicopters stated in its release that the assembly of the first prototype is expected to be completed within ten days, which will be followed shortly by initial engine light-off and comprehensive testing.
By opting to design and manufacture a turbine engine from the ground up, Hill Helicopters is attempting to disrupt traditional aerospace supply chains. The company’s latest engineering update highlights the immense scale of its vertical integration strategy, detailing the micro-engineering required to bring a modern turboshaft engine to life.
Engineering the GT50 Turboshaft Engine
Precision Manufacturing at Scale
To achieve its goal of total vertical integration, Hill Helicopters has undertaken a massive in-house manufacturing effort. According to the company’s production data, the manufacturing team has developed 438 high-complexity, precision gas turbine prototype parts directly from raw materials. This extensive fabrication process required 71,668 individual machining and production operations.
The company reports that the first annular combustion liner is now complete. Additionally, fuel manifolds have been successfully cast and machined in-house at Hill’s primary manufacturing facility, known as Production Centre One (PC1).
Overcoming Rotor Dynamics and Centrifugal Loads
One of the most critical engineering challenges in turbine development is managing extreme rotational speeds. Hill Helicopters notes that the GT50’s gas generator rotor spins at approximately 50,000 RPM. The engineering team has successfully validated the rotor’s balance, ensuring that it reproduces the exact same balance point even after being disassembled and reassembled. The company emphasizes that this repeatability is a vital requirement for fitting the rotor securely inside the engine casing.
To secure the turbine blades axially against immense centrifugal loads, the team had to innovate past standard retaining methods. According to the company’s engineering update, they implemented a unique solution:
The team redesigned the retaining clips into a “tuning fork” shape, manufactured via laser cutting and stamping, which fixed previous tolerance issues and ensures the blades are completely secure.
Testing and the Road to Flight
The Custom Test Cell
Before the GT50 can take to the skies, it must undergo rigorous ground testing. Hill Helicopters has built a dedicated engine test cell housed inside a repurposed, acoustically lined shipping container. The company states that this facility features an extended test bench, anti-vibration mounts, and full diagnostic instrumentation.
Furthermore, the company plans to add a concrete containment structure for upcoming power-turbine testing. This addition is designed to protect engineers and equipment against potential disc bursts during high-stress operational evaluations.
Projected Timeline and Next Steps
As of early 2026, Hill Helicopters’ live estimates project the first full engine run to occur in May 2026. If ground testing proceeds without major setbacks, the company targets the first test flight of the HX50 helicopter for December 2026, with the start of commercial production slated for December 2027.
The “GA 2.0” Vision and Market Context
Why Build a Custom Engine?
The HX50 is marketed as a clean-sheet, five-seat light helicopter designed specifically for the private general aviation market, boasting a 140-knot cruise speed. Founder and CEO Dr. Jason Hill, who holds a PhD in Helicopter Aerodynamics, chose to design the GT50 engine from scratch rather than source existing engines from established manufacturers like Lycoming or Rolls-Royce.
According to company statements, Dr. Hill concluded that existing turbines were prohibitively expensive, which undermined the business case for an accessible, luxury private helicopter. Conversely, cheaper piston engines lacked the necessary power-to-weight ratio and refinement. The resulting GT50 is a two-spool turboshaft engine featuring Full Authority Digital Engine Control (FADEC). Company specifications indicate it delivers 400 horsepower (HP) of maximum continuous power, 440 HP for take-off, and an emergency 500 HP limit for up to 30 seconds.
Hill Helicopters refers to its vertically integrated business model as “General Aviation 2.0” (GA 2.0). By building almost every component in-house, the company aims to drastically lower both the initial purchase price and the long-term operating costs for private owners.
AirPro News analysis
At AirPro News, we note that while the 99.5 percent completion milestone of the GT50 engine is a significant technical achievement, the project must be viewed within the broader context of aerospace startup development. When the HX50 program was first announced in 2020, initial deliveries were projected for 2023. This timeline has been pushed back multiple times.
These delays are largely attributable to the inherent complexities of clean-sheet engine development and the company’s strategic pivot to fast-track the construction of its massive 76,000-square-foot manufacturing facility to keep parts production in-house. Aviation analysts and industry forums have occasionally expressed skepticism regarding Hill’s ability to deliver a fully in-house designed helicopter and turbine engine at the promised price point.
We believe the successful light-off and sustained operation of the GT50 in the test cell will serve as a critical proof-of-concept. If Hill Helicopters can prove the engine’s reliability and performance metrics, it will go a long way toward alleviating industry doubts and validating the ambitious GA 2.0 manufacturing philosophy.
Frequently Asked Questions
- What is the GT50 engine?
The GT50 is a proprietary, two-spool turboshaft engine designed and manufactured entirely in the UK by Hill Helicopters. It features FADEC and produces up to 500 HP in emergency scenarios. - Which helicopters will use the GT50?
The engine will power Hill Helicopters’ HX50 (private) and HC50 (commercial) five-seat light helicopters. - When is the first test flight expected?
According to the company’s early 2026 estimates, the first test flight of the HX50 is projected for December 2026. - Why did Hill Helicopters build their own engine?
The company stated that existing turbine engines were too expensive to support their target price point, and piston engines lacked the required performance and refinement.
Sources
Photo Credit: Hill Helicopters
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