Spirit Airlines sells 23 aircraft to GA Telesis
Spirit Airlines (NK, Fort Lauderdale International) has entered into a binding term sheet with GA Telesis to sell twenty-three A320 and A321 types, according to an October 24 Securities Exchange Commission filing. The lessor will pay around USD519 million for the aircraft, which will be handed over by the end of February 2025.
GA Telesis President Marc Cho said the acquisition adds a large number of A320ceo and A321ceo jets to GA's portfolio. "We are confident these aircraft will provide significant value to our customers as they continue their operations," he added. The aircraft are powered by International Aero Engines V2527-A5 and V2533-A5 Select-One engines and were manufactured between 2014 and 2019.
Earlier this month, the Wall Street Journal reported that Spirit's board was considering filing for Chapter 11. More recently, the under-pressure low-cost carrier received some short-term financial breathing space when the US Bank National Association agreed to a two-month payment extension for its 2025 Notes.
Spirit estimates the net proceeds from the sale of the aircraft, combined with discharging the aircraft-related debt from its balance sheet, will boost its liquidity by USD225 million by the end of 2025. The airline says it remains on track to close the year with around USD1 billion in cash and cash equivalents on-hand.
According to ch-aviation fleets data, Spirit Airlines operates a fleet of 217 Airbus narrowbodies, including seven A319-100s, sixty-four A320-200s, ninety-one A320-200Ns, thirty A321-200s, and twenty-five A321-200NX. Of that number, thirty-eight A320-200s and all of the A321-200s were built between 2014 and 2019 and owned by the airline.
Spirit says the sale of the aircraft is subject to, among other things, the execution of definitive documentation, and satisfaction of other customary conditions.
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