US lessor Aircastle has agreed a new Airbus A320neo sale and leaseback (SLB) deal with Mexican carrier Volaris.
The first unit was transacted on 2 November, marking the 28th A320neo-family aircraft to enter the Volaris fleet, with a second delivery to follow later this month.
Both A320neo aircraft are being leased back by Volaris on 12-year operating lease terms.
This is the first A320neo-family deal between Aircastle and Volaris; they previously transacted A319 and A320 units.
“We were able to quickly put this transaction together with Volaris so they could meet their delivery timeline with Airbus,” said Aircastle chief executive Mike Inglese.
“The proactive approach of Aircastle contributed to the speedy closing of this important transaction for Volaris. We value our relationship and look forward to continue working together to take full advantage of the recovery in traffic that we are witnessing in Mexico,” said Volaris fleet planning director Mario Geyne.
As of 30 June, Aircastle owned and managed 283 aircraft leased to 80 customers located in 44 countries.
In late September, Airfinance Journal exclusively reported that Volaris had closed another A320neo SLB deal, with Chinese lessor CCB Leasing, covering four new deliveries executed from July to September.
Volaris reported MXN1.9 billion ($90 million) of liquidity preservation during a difficult third quarter in which its operating loss was MXN2.2 billion, versus an operating profit of MXN1.7 billion in the prior-year period. Revenue fell by half in the quarter, as compared with the previous year.
Despite liquidity efforts that included MXN406 million of cost savings, Volaris suffered a net decrease in its cash and cash equivalents during the three months to 30 September of MXN1.8 billion, leaving its cash position at MXN8.2 billion at the end of the period.