AerCap Signs Retention and Lease Extension Agreements with SAS for 6 Airbus A320 Aircraft

Rhea-AI Summary

AerCap Holdings N.V. (NYSE: AER) announced a lease extension agreement with SAS AB for six Airbus A320 aircraft. This move supports SAS's transformation strategy, 'SAS FORWARD', as it navigates a voluntary Chapter 11 process aiming for financial stability. CEO Aengus Kelly expressed confidence in SAS's objectives, emphasizing AerCap's long-standing partnership with the airline. With a strong order book and extensive customer base, AerCap continues to lead in aviation leasing, providing comprehensive fleet solutions globally.

Positive

• Lease extension for six Airbus A320 aircraft enhances partnership with SAS AB.
• Supports SAS's strategic transformation towards financial stability.

Negative

• SAS is undergoing a voluntary Chapter 11 process, indicating financial distress.

DUBLIN, Oct. 5, 2022 /PRNewswire/ -- AerCap Holdings N.V. ("AerCap" or the "Company") (NYSE: AER) today announced that it has signed agreements with SAS AB ("SAS") for the retention and lease extension of six Airbus A320 aircraft.

"We are delighted to support SAS as it implements its business transformation plan, 'SAS FORWARD', through a voluntary chapter 11 process which is expected to lead to a financially stable and profitable airline. These aircraft will help to support SAS with its objectives of being a highly competitive and operationally efficient airline," said Aengus Kelly, Chief Executive Officer, AerCap. "SAS has been a long-time customer of AerCap, and we wish Anko van der Werff and all the SAS team every success and we look forward to building on our partnership for many years to come."

About AerCap

AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Abu Dhabi, Seattle, Toulouse and other locations around the world.

Forward-Looking Statements

This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "will," "aim," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors, including the impacts of, and associated responses to: the Ukraine Conflict, the Covid-19 pandemic, our ability to successfully integrate GECAS' operations and employees and realize anticipated synergies and cost savings; and the potential impact of the consummation of the GECAS transaction on relationships, including with employees, suppliers, customers and competitors, that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com and follow us on Twitter www.twitter.com/aercapnv.

View original content to download multimedia:https://www.prnewswire.com/news-releases/aercap-signs-retention-and-lease-extension-agreements-with-sas-for-6-airbus-a320-aircraft-301641287.html

SOURCE AerCap Holdings N.V.

FAQ

What recent agreement did AerCap (AER) sign with SAS AB?

AerCap signed a lease extension agreement for six Airbus A320 aircraft with SAS AB.

How does the lease extension affect SAS's business?

The lease extension supports SAS's transformation and aims for greater financial stability.

What is the significance of SAS's Chapter 11 process for AerCap (AER)?

SAS's Chapter 11 process indicates financial challenges, but AerCap continues to support their operational needs.

What is AerCap's role in the aviation industry?

AerCap is a leading global aviation leasing company, servicing around 300 customers worldwide.

When was the lease extension agreement with SAS announced?

The lease extension agreement was announced on October 5, 2022.