KKR - KKR agrees to acquire CIT aviation lending portfolio forms AV AirFinance

spooh/E+ via Getty Images KKR (KKR) agrees to acquire CIT Group's (CIT) aviation loan portfolio, which has a committed loan balance of almost $800M and will support KKR's formation of AV AirFinance Limited, a global commercial aviation loan servicer. The portfolio from CIT includes more than 50 loans for ~60 commercial aircraft. The loans in the portfolio have an average yield in the mid-single digits and an average term remaining of about four years. Financial terms of the deal weren't disclosed. AV AirFinance is led by CEO Siggi Kristinsson, who most recently co-founded and served as CEO of Volito Aviation Services AB, a company providing debt origination and advisory services to Goldman Sachs and other financial institutions. The portfolio acquisition is being funded by separate accounts managed by KKR. The agreement follows KKR's previous investments in Altitude Aviation, Altavair, KKR DVB Aviation Capital, K2 Aviation, DCAL Aviation, Wheels Up, Global Jet Capital

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KKR agrees to acquire CIT aviation lending portfolio, forms AV AirFinance