Air Lease Corporation (ALC) announced the signing of a long-term lease agreement for ten new Airbus A321-200neo aircraft and the sale and leaseback of five new Airbus A320-200neo aircraft with Spirit Airlines.
“ALC is pleased to announce this fifteen Airbus A320 and A321neo transactions with Spirit Airlines,” said Steven F. Udvar-Házy, Chief Executive Officer of Air Lease Corporation. “ALC is unrivaled in our ability to deliver highly customized fleet planning solutions to our partner airlines,” he added.
“Combining the sale and leaseback of the A320neo, along with the direct placement of ten of our A321neo aircraft from our order book with Airbus will further enhance Spirit Airlines’ overall operations and its commitment to maintaining a highly competitive and fuel-efficient fleet,” closed Udvar-Házy.
The five A320neo are scheduled to be delivered to Spirit Airlines in 2021 and 2022 and will be managed by ALC through funds managed by Waterfall Asset Management. The ten A321neo are scheduled to be delivered to Spirit Airlines from ALC’s order book with Airbus from 2023 through 2024.
Currently, Spirit’s fleet consists of 31 A319s, 64 A320s, 43 A320neo and 30 A321ceo. In addition, 25 A319neo, 70 A320neo and 30 A321neo aircraft are on order and are pending delivery.
Spirit is the third-largest low-cost carrier in the United States in terms of operations, and the seventh-largest airline in the country considering legacy carriers. At the beginning of the post-pandemic, it already has more flights and seats offered than in 2019.
“We are grateful for our partnership with ALC on the financing of 15 new aircraft being delivered now through 2024. This partnership helps us achieve our previously announced capacity plans for 2022 and 2023, and our 2024 growth target, as we invest in the guest and deliver exciting new destinations,” said Scott Haralson, Chief Financial Officer, Spirit Airlines.
