Air Lease Corporation Announces Lease Placement of Six New Airbus A220-300 Aircraft with TAAG Angola Airlines

Rhea-AI Summary

Air Lease Corporation (NYSE: AL) announced long-term leases for six new Airbus A220-300 aircraft with TAAG Angola Airlines. Deliveries are scheduled from 2023 to 2024. Executive Chairman Steven Udvar-Házy emphasized that this partnership marks the introduction of Airbus aircraft to TAAG, enhancing operational efficiency. The A220-300s will replace TAAG's Boeing 737-700 fleet, optimizing flight schedules and destinations. This collaboration signifies TAAG's renewed vision and commitment to improved service.

Positive

• Long-term lease of six new Airbus A220-300 aircraft enhances operational efficiency for TAAG.
• Replacement of older Boeing 737-700 fleet with more fuel-efficient A220-300s.
• Strengthens partnership between Air Lease Corporation and TAAG, expanding route network.

Negative

• None.

FARNBOROUGH, England--(BUSINESS WIRE)-- Today Air Lease Corporation (NYSE: AL) announced long-term lease placements for six new Airbus A220-300 aircraft with TAAG Angola Airlines. The aircraft are scheduled to deliver to the airline starting in 2023 through 2024 from ALC’s orderbook with Airbus.

“ALC is pleased to announce this significant lease placement for six new Airbus A220s with TAAG and be the first to introduce Airbus aircraft to the airline,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation. “The capabilities of the A220-300 will greatly enhance TAAG’s operational efficiency and expanding route network with the most modern, fuel-efficient aircraft.”

“The A220-300 with its fuel efficiency, range and improved operating economics will progressively replace TAAG’s Boeing 737-700 fleet and allow the airline to optimize and broaden its flight schedule coverage and destinations from Luanda,” said Kishore Korde, Executive Vice President of Air Lease Corporation.

“Today we start our relationship with ALC incorporating six new Airbus A220-300 into our fleet. It’s indeed a significant announcement for us as we are celebrating a new era and a new vision for TAAG. We are alive, back in business, breaching with the past to achieve greater results and becoming a reference for Africa. This partnership emphasizes our commitment to grow and further improving our credibility among international stakeholders while creating a new value proposition for our passengers,” said Eduardo Fairen, CEO of TAAG.

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)

ALC is a leading 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 commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. ALC routinely posts information that may be important to investors in the “Investors” section of ALC’s website at www.airleasecorp.com. Investors and potential investors are encouraged to consult the ALC website regularly for important information about ALC. 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 TAAG

TAAG Angola Airlines was founded in 1938 and is based in Luanda, Angola’s capital city. For more than 80 years, TAAG has connected Angolans with its key domestic and international markets. TAAG is the leading airline in Angola, having grown its current network to 14 domestic and 12 international destinations. In addition to passenger transport, TAAG offers air cargo services which have become essential for Angola’s growth and development. TAAG is a company that prides itself in its long and recognized history of service and performance improvement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220718005264/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

Manager, Media and Investor Relations

Email: press@airleasecorp.com

Source: Air Lease Corporation

FAQ

What aircraft did Air Lease Corporation lease to TAAG Angola Airlines?

Air Lease Corporation leased six new Airbus A220-300 aircraft to TAAG Angola Airlines.

When will the Airbus A220-300 aircraft be delivered to TAAG?

The deliveries of the Airbus A220-300 aircraft to TAAG are scheduled from 2023 to 2024.

What is the significance of the lease agreement between ALC and TAAG?

The lease marks the introduction of Airbus aircraft to TAAG and aims to enhance the airline's operational efficiency.

How will the A220-300 aircraft affect TAAG's fleet?

The A220-300 aircraft will progressively replace TAAG's Boeing 737-700 fleet, optimizing its flight schedule and destinations.

What does this partnership mean for TAAG Angola Airlines?

This partnership signifies a new vision for TAAG, emphasizing growth and improving its reputation among international stakeholders.