SMBC Aviation Capital announces lease agreements for 20 A320neo aircraft with Spirit Airlines

Dublin, 15 October 2021: SMBC Aviation Capital, one of the world's leading aircraft leasing companies, has today announced that it has concluded a lease agreement for twenty (20) Airbus A320neo aircraft with Spirit Airlines, one of the most successful low-cost carriers in aviation.

The agreement with Spirit Airlines (‘Spirit’) consists of the sale and leaseback of fourteen (14) A320neo aircraft, to be delivered from November 2021 through September 2022, in addition to six (6) direct A320neo lease placements from SMBC Aviation Capital’s orderbook. These will be delivered to Spirit from September 2022 through February 2023.

Barry Flannery, Chief Commercial Officer, SMBC Aviation Capital said: “We are delighted to sign these lease agreements with Spirit, continuing our strong partnership with the airline. The delivery of twenty of the newest generation, fuel efficient A320neo aircraft will help Spirit deliver on its strategy to grow capacity whilst meeting its sustainability goals. This transaction reaffirms how there is continued demand for SMBC Aviation Capital’s young, fuel efficient narrow body aircraft, and how our business continues to offer innovative and flexible financing solutions to customers as the aviation industry recovers from the pandemic.”

Spirit’s fleet consists of 168 aircraft serving 83 destinations throughout the United States, Latin America and the Caribbean – making it the largest value carrier in North America with one of the youngest fleets.

Simon Gore, Vice President and Treasurer, Spirit Airlines said: “Our partnership with SMBC Aviation Capital plays a pivotal role in helping us achieve our previously announced capacity plans for 2022 and 2023. Spirit was the first U.S. airline to operate the revolutionary A320neo, which gives our Guests the enhanced experience they’re looking for and offers incredible fuel efficiency. Each of these new aircraft will allow us to deliver on our mission of providing the best value in the sky.”

SMBC Aviation Capital’s fleet consists of 60% new technology aircraft which are the newest, most fuel efficient, lowest polluting technology on the market. For the financial year ending 31 March 2021, SMBC Aviation Capital closed $3bn of new sale and leaseback transactions.

SMBC Aviation Capital is one of the top five aircraft lessors globally, with a fleet comprising over 730 owned, managed and committed aircraft, and benefits from a close relationship with its shareholders Sumitomo Mitsui Financial Group and Sumitomo Corporation. SMBC Aviation Capital has a strong capital position and holds the joint highest credit rating out of all aircraft leasing companies, reflecting the long-term strength of its business.