Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, advises that it has successfully repaid the outstanding export credit agency insured loans associated with the eight ATR 72 aircraft that were previously on lease to Virgin Australia Airlines. The loans have been repaid using a combination of the release of deposits held by the ECAs and a new commercial bank financing package backed by the recently announced leases of three aircraft to Hevilift.

Avation’s Executive Chairman, Jeff Chatfield said: “The export credit loans associated with the Virgin Australian aircraft have now been refinanced and retired. It is pleasing that commercial bank lending appears to be reopening”.