Aircraft leasing group, Avolon, has raised $650 million from its existing private equity backers and three European aviation banks, The Wall Street Journal reports. Avolon raised $250 million of equity from Cinven, CVC Capital Partners and Oak Hill Capital Partners, and a further $400 million of debt finance through DVB, Nord LB and KfW IPEX-Bank in a separate bilateral deal. The company, which will use the financing to fund the acquisition of 11 new aircrafts to expand its fleet, is planning to raise a further $1 billion of debt in 2011. The recent deal takes the amount raised under 12 months to $2 billion.
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