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Air Lease Corporation Places 15 New Airbus A320neo Family Aircraft With Spirit Airlines

Air Lease Corporation has placed 10 new Airbus A321neos and executed a transaction for the sale & leaseback of five new Airbus A320neos with Spirit Airlines. The 15 new A320neo Family aircraft will be delivered to Spirit between 2021 and 2024.

Spirit Airlines Airbus A320neo Rendering - Courtesy Airbus

On Wednesday (September 8, 2021) Air Lease Corporation (ALC) announced the placement of ten new Airbus A321neos and the sale and leaseback of five additional A320neos with Miramar, Florida-based Spirit Airlines. The five A320neos on sale & leaseback will be owned by one of ALC’s managed funds, Waterfall Asset Management, and delivered between 2021 and 2022, while the ten A321neos will be delivered from ALC’s orderbook with Airbus from 2023 through 2024.

In Wednesday’s announcement, Air Lease Corporation’s Executive Chairman, Steven F. Udvar-Házy, said,

“ALC is pleased to announce this transaction for fifteen Airbus A320 & A321neos with Spirit Airlines. 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.”

Also commenting on the fleet expansion transaction, Spirit Airlines’ Chief Financial Officer, Scott Haralson, added,

“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.”

Based in Los Angeles, California, Air Lease Corporation (NYSE: AL) is a leading global aircraft leasing company. The ALC team is principally involved in the purchase of commercial aircraft and leasing them to airlines worldwide with customized leasing and financing solutions.

Miramar, Florida-based low-cost carrier Spirit Airlines (NYSE: SAVE) is committed to offering the best value in the sky with service to destinations in the U.S., Latin America, and the Caribbean. The airline allows customers to select and pay for only the products and services they want, something they call “À La Smarte.” Spirit also operates one of the youngest and most fuel-efficient fleets in the U.S. The carrier proudly calls their youthful fleet of aircraft their “Fit Fleet®.” Spirit Airlines will add 16 new fuel-efficient Airbus A320neos to their fleet in 2021 and an additional 21 aircraft in 2022.

Source(s): Air Lease Corporation, Spirit Airlines


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