SALE to Acquire Four New A319 Aircraft in Deal with Spirit Airlines
25 Jan 2005
Singapore Aircraft Leasing Enterprise (SALE) is to acquire four more Airbus A319 aircraft, following a purchase and leaseback agreement with US low cost carrier Spirit Airlines. Powered by IAE V2500 engines, the new aircraft will be delivered from Airbus between September and December this year, and will be leased to the airline on a long-term basis.
The deal marks the first time that SALE has worked with South Florida-based Spirit, which offers low fare service linking destinations in the United States, Caribbean and Mexico. The A319s being purchased by SALE are part of an order placed by the airline with Airbus for a total of 35 A320 Family aircraft.
"It's a pleasure to work with such a great partner like SALE,” said Jacob Schorr, Chairman and Chief Executive Officer of Spirit. “We will look forward to future opportunities for doing more business together. Spirit now has financing in place for all Airbus deliveries through the middle of 2006."
Robert Martin, Managing Director and Chief Executive Officer of SALE, said that the company was pleased to welcome Spirit as its latest customer from North America.
“The deal underscores the growing popularity of sale and leaseback agreements as a means of acquiring new aircraft, especially in the low cost sector,” he said. “Such agreements enable airlines to achieve a greater mix of owned and leased aircraft, freeing up significant levels of capital for other purposes.”
SALE is the leading Asia-based aircraft leasing company, with a portfolio currently comprising 58 aircraft flying with 29 airlines worldwide. The company has been especially successful in the low cost market, where customers already include AirAsia, America West, easyJet, Frontier Airlines and Jetstar Australia.
In addition to the four A319s being purchased from Spirit, SALE has outstanding firm orders with Airbus for 14 A320s for delivery through to May 2006.
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