Air Lease Corporation Announces $300 Million Deal for Five Boeing 737 Aircraft with Royal Air Maroc

Rhea-AI Summary

Air Lease Corporation (NYSE: AL) has announced long-term lease contracts for five Boeing 737 aircraft with Royal Air Maroc (RAM). The contracts include four new Boeing 737-8s and one Boeing 737-800, with delivery scheduled for 2024. This lease placement will strengthen RAM's operational fleet and support their commitment to enhancing customer service and reducing their carbon footprint.

LOS ANGELES--(BUSINESS WIRE)-- Today Air Lease Corporation (NYSE: AL) announced long-term lease contracts for five Boeing 737 aircraft with Royal Air Maroc (RAM), including four new Boeing 737-8s and one Boeing 737-800. The new aircraft are scheduled to deliver to the Moroccan flag carrier in 2024 from ALC’s order book with Boeing. These new contracts are augmenting already placed ALC owned aircraft operated by RAM.

“ALC is pleased to announce this lease placement for five Boeing 737 aircraft with Royal Air Maroc,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “We look forward to building our long-term relationship with RAM as they continue to modernize their fleet and grow their network, as well as maximize their competitive advantage with the most fuel-efficient aircraft in the market.”

"Through this agreement with esteemed partners as ALC, Royal Air Maroc will receive additional aircraft that will strengthen and modernize our operational fleet, enabling us to consistently enhance the quality of service for our customers, while also reducing our carbon footprint in line with our environmental commitment," said Abdelhamid Addou, Chief Executive Officer of Royal Air Maroc.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

Air Lease Corporation is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. The company routinely posts information that may be important to investors in the “Investors” section of its website at www.airleasecorp.com. Investors and potential investors are encouraged to consult Air Lease Corporation’s website regularly for important information. The information contained on, or that may be accessed through, ALC’s website is not incorporated by reference into, and is not a part of, this press release.

About Royal Air Maroc

Royal Air Maroc is the Moroccan national carrier, as well as the country's largest airline. The airline has established a network reaching 80 destinations in 41 territories around the world, including frequent departures towards the biggest capitals in Europe, North America, South America, Africa, The Maghreb region, and the Middle East. Its main hub is located at Mohammed V airport in Casablanca.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230816361435/en/

Investors:

Jason Arnold

Vice President, Investor Relations

Email: investors@airleasecorp.com

Media:

Laura Woeste

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Ashley Arnold

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Source: Air Lease Corporation

FAQ

What is the company involved in the lease contracts?

Air Lease Corporation (AL) is involved in the lease contracts.

Which airline is leasing the aircraft?

Royal Air Maroc (RAM) is leasing the aircraft.

How many aircraft are included in the lease contracts?

The lease contracts include five Boeing 737 aircraft.

What types of Boeing 737 aircraft are included in the contracts?

The contracts include four new Boeing 737-8s and one Boeing 737-800.

When are the new aircraft scheduled for delivery?

The new aircraft are scheduled to deliver to Royal Air Maroc in 2024.

What is the purpose of these lease contracts?

The lease contracts aim to strengthen and modernize Royal Air Maroc's operational fleet, enhance customer service, and reduce their carbon footprint.