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Air Lease Corporation Announces Lease Placement of Ten New Airbus A321-200neo Aircraft and Sale & Lease-back of Five New Airbus A320-200neo Aircraft with Spirit Airlines
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Air Lease Corporation (NYSE: AL) announced long-term leases for ten Airbus A321-200neo aircraft and sale and lease-backs of five Airbus A320-200neo aircraft to Spirit Airlines (NYSE: SAVE). Deliveries are set between 2021 and 2024. This partnership aims to enhance Spirit's fleet efficiency and support its growth plans. The deal underscores ALC's tailored fleet solutions and Spirit's efforts to maintain a competitive, fuel-efficient fleet.
Positive
Long-term lease placements for ten Airbus A321-200neo and sale and lease-backs for five Airbus A320-200neo aircraft to Spirit Airlines.
Deliveries scheduled from 2021 to 2024, supporting Spirit Airlines' capacity plans.
Strengthens partnership between ALC and Spirit Airlines, enhancing operational efficiency.
Negative
None.
LOS ANGELES--(BUSINESS WIRE)--
Air Lease Corporation (NYSE: AL) announced today long-term lease placements for ten new Airbus A321-200neo aircraft and sale and lease-backs of five new Airbus A320-200neo aircraft with Spirit Airlines. The five A320neos are scheduled to deliver to Spirit Airlines in 2021 and 2022 and will be owned by one of ALC’s managed aircraft ventures through funds managed by Waterfall Asset Management. The ten A321neos are scheduled to deliver to Spirit Airlines from ALC’s orderbook with Airbus beginning in 2023 through 2024.
“ALC is pleased to announce this transaction for fifteen Airbus A320 & A321neos with Spirit Airlines,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “ALC is unmatched in our ability to offer highly customized fleet planning solutions to our airline partners. Combining sale and leasebacks for near term deliveries of Spirit’s A320neos on behalf of our managed business with direct placement of ten of our A321neos from our orderbook with Airbus will further enhance Spirit Airlines’ overall operations and commitment to maintain a highly competitive, fuel-efficient fleet.”
“We appreciate our partnership with ALC on the financing of 15 new aircraft delivering now through 2024. This partnership helps us to achieve our previously announced capacity plans for 2022 and 2023, and our targeted growth in 2024, as we Invest in the Guest and deliver new exciting destinations,” said Scott Haralson, Chief Financial Officer of Spirit Airlines.
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 Spirit Airlines
Spirit Airlines (NYSE: SAVE) is committed to delivering the best value in the sky. We are the leader in providing customizable travel options starting with an unbundled fare. This allows our Guests to pay only for the options they choose — like bags, seat assignments and refreshments — something we call Á La Smarte. We make it possible for our Guests to venture further and discover more than ever before. Our Fit Fleet® is one of the youngest and most fuel-efficient in the U.S. We serve destinations throughout the U.S., Latin America and the Caribbean, and are dedicated to giving back and improving those communities. Come save with us at spirit.com.
What is the recent aircraft deal between Air Lease Corporation and Spirit Airlines?
Air Lease Corporation announced a long-term lease for ten Airbus A321-200neo and sale and lease-backs for five Airbus A320-200neo aircraft to Spirit Airlines.
When will the aircraft be delivered to Spirit Airlines?
The A320neos are set to deliver in 2021 and 2022, while A321neos will deliver from 2023 through 2024.
How does the aircraft deal impact Spirit Airlines' operations?
This deal will help Spirit Airlines maintain a competitive and fuel-efficient fleet, supporting its growth plans for 2022, 2023, and targeting 2024.
What is Air Lease Corporation's stock symbol?
Air Lease Corporation trades under the stock symbol AL on the NYSE.
What is Spirit Airlines' stock symbol?
Spirit Airlines trades under the stock symbol SAVE on the NYSE.
