Aircastle Announces the Delivery of One A320 NEO in a Sale Leaseback with Volaris

Rhea-AI Summary

Aircastle Limited completed its first sale and leaseback of an A320 NEO aircraft with Volaris, marking the addition of the 28th NEO to the airline's fleet. The long-term lease agreement spans 12 years, with a second aircraft delivery expected later this month. CEO Mike Inglese emphasized the company’s ability to respond quickly to market needs, while Volaris acknowledged Aircastle's role in facilitating this transaction amid a recovering airline market in Mexico.

Positive

• Successful completion of sale and leaseback for A320 NEO aircraft enhances fleet capabilities.
• Strengthened relationship with a top-tier airline, Volaris.
• Quick transaction execution demonstrates operational agility.

Negative

• None.

STAMFORD, Conn., Nov. 2, 2020 /PRNewswire/ -- Aircastle Limited ("Aircastle") announced today that it completed the first of two sale and leasebacks of new A320 NEO aircraft with Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. ("Volaris").  This aircraft delivered new from Airbus and is the twenty-eighth NEO to enter the Volaris fleet.  Delivery of the second aircraft will follow later this month and both aircraft are being leased on a twelve-year term.  

Mike Inglese, Aircastle's Chief Executive Officer commented, "We are pleased to add new technology aircraft to our fleet with a high-quality airline.  Consistent with our reputation for being a nimble and reliable counterparty, we were able to quickly put this transaction together with Volaris so they could meet their delivery timeline with Airbus." 

Mr. Inglese added, "This transaction expands our established relationship with Volaris, a top tier airline and long-standing Aircastle customer.  The experience and depth of our platform enables our team to selectively originate and efficiently close high quality, value added transactions for clients in a challenging market environment." 

Mario Geyne, Volaris Fleet Planning Director commented, "The proactive approach of Aircastle contributed to the speedy closing of this important transaction for Volaris. We value our relationship and look forward to continue working together to take full advantage of the recovery in traffic that we are witnessing in Mexico."  

About Aircastle Limited

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world.  As of June 30, 2020, Aircastle owned and managed on behalf of its joint ventures 283 aircraft leased to 80 customers located in 44 countries.

About Volaris

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States and Central America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from five to more than 142 and its fleet from four to 84 aircraft. Volaris offers more than 300 daily flight segments on routes that connect 44 cities in Mexico and 20 cities in the United States and Central America with the youngest fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States and Central America. Volaris has received the ESR Award for Social Corporate Responsibility for eleven consecutive years. For more information, please visit: www.volaris.com.

Aircastle Contact:     

Aircastle Advisor LLC
Frank Constantinople, SVP Investor Relations
Tel: +1-203-504-1063
fconstantinople@aircastle.com 

Volaris Contacts:
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
Maria Elena Rodríguez & Andrea González / Investor Relations
+52 55 5261 6444
ir@volaris.com 

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SOURCE Aircastle Limited

FAQ

What is the significance of Aircastle's leaseback deal with Volaris?

The leaseback deal enhances Volaris's fleet with new technology aircraft and strengthens Aircastle's relationship with a key customer.

When was the sale and leaseback agreement for the A320 NEO aircraft completed?

The agreement was announced on November 2, 2020.

How many A320 NEO aircraft has Volaris added to its fleet?

Volaris has added the 28th A320 NEO aircraft to its fleet through this transaction.

How long is the lease term for the aircraft acquired by Volaris?

The lease term for the aircraft is twelve years.

What is the expected impact of this transaction on Volaris's operations?

The transaction is expected to help Volaris efficiently meet recovery in travel demand in Mexico.