International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group, Inc. (NYSE: AIG), announced today that it will lease five new Airbus A320neo aircraft to Spirit Airlines. ILFC is the leasing industry’s launch customer with the largest order book for the Airbus New Engine Option (NEO) family.
Henri Courpron, Chief Executive Officer of ILFC, commented, “This agreement is a significant milestone in advancing ILFC’s vision to introduce the next stage of aircraft technology to our global customer network. Spirit is the industry’s first airline to commit to an operating lease for the A320neo. ILFC recognized the value and demand for this new aircraft, and gained valuable delivery positions, from which Spirit will benefit.”
“Expanding our fleet under this agreement is further testament to the market’s confidence in Spirit’s business model and the sustainability of our continued growth,” said Spirit’s President and CEO Ben Baldanza. “The A320neo’s advanced technology and fuel efficiency will provide us with incremental cost benefits and solidify our position as a leading environmentally-friendly airline.”
The A320 incorporates greater fuel-efficiency and eco-friendly technology, providing reductions in engine noise and emissions. Spirit has not made a decision on the selection of engine types.
ILFC is the first leasing company to have ordered the Airbus A320neo family and has the largest order position among aircraft leasing companies, with a commitment for 100 A320/321neos and purchase rights for 50 additional such aircraft. Officially launched in December of 2010, the new generation of the A320neo family has been recognized as the fastest ever selling commercial aircraft.
About Spirit Airlines
Spirit Airlines (NASDAQ: SAVE) empowers customers to save money on air travel by offering ultra low base fares with a range of optional services for a fee, allowing customers the freedom to choose only the extras they value. This innovative approach grows the traveling market and stimulates new economic activity while creating new jobs. Spirit's modern fleet, configuration and other innovations enable Spirit to burn less fuel per seat than competitors, making Spirit one of the most environmentally-friendly US carriers. Spirit's all-Airbus fleet currently operates more than 200 daily flights to over 50 destinations within the U.S., Latin America and Caribbean.
ILFC is the world’s largest independent aircraft lessor measured by number of owned aircraft. ILFC’s portfolio consists of over 1,000 owned or managed aircraft, as well as commitments to purchase 239 new high-demand, fuel-efficient aircraft and rights to purchase an additional 50 of such aircraft.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.