Allegiant And ALAFCO Announce Lease Agreement For Thirteen Airbus A320 Aircraft

LAS VEGAS, June 13, 2017 /PRNewswire/ -- Allegiant (NASDAQ: ALGT) today announces an agreement with ALAFCO Aviation Lease and Finance Company to lease 13 Airbus A320 aircraft. This agreement is another important step towards Allegiant's planned transition to an all-Airbus fleet by 2019.

"With the opportunistic acquisition of 13 aircraft, this agreement sets us right on pace toward our goal of achieving a single fleet type by 2019," said Maurice J. Gallagher, Jr., Allegiant chairman and chief executive officer. "The fleet transition will not only bring the benefit of operating efficiencies in training, scheduling, maintenance and more, but will also mean key economic advantages through greater fuel efficiency and higher seat capacity. This puts us in an ideal position for the future: to continue offering travelers the industry's best fares, while at the same time increasing reliability."

The 13 8-year-old Airbus aircraft acquired via this agreement are expected to enter service with Allegiant beginning in the first quarter of 2018, configured with 186 seats and the CFM56-5B engine type. The agreement includes an option to purchase at the end of the lease term.

ALAFCO chief executive officer and vice-chairman Ahmad Alzabin stated, "This agreement marks a milestone achievement for ALAFCO with its inaugural entrance into the North American market, and we are pleased to announce Allegiant as ALAFCO's first customer in the United States." Mr. Alzabin added, "With the recent establishment of ALAFCO's Irish subsidiary, we expect further penetration into the North American market." The 13 Airbus A320 aircraft have been placed on a long-term lease with Allegiant for a period of 12 years.  

This transaction brings Allegiant to a total of 92 Airbus aircraft either in service or committed for future delivery.

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Las Vegas-based Allegiant (NASDAQ: ALGT) is focused on linking travelers in small cities to world-class leisure destinations. The airline offers industry-low fares on an all-jet fleet while also offering other travel-related products such as hotel rooms, rental cars and attraction tickets. All can be purchased only through the company website, Allegiant.com. Beginning with one aircraft and one route in 1999, the company has grown to over 80 aircraft and more than 300 routes across the country with base airfares less than half the cost of the average domestic roundtrip ticket. For downloadable press kit, including photos, visit: http://gofly.us/iiFa303wrtF.

About ALAFCO  

ALAFCO Aviation Lease and Finance Company K.S.C.P., headquartered in Kuwait, is a global aircraft leasing firm, and is listed on the Kuwait Stock Exchange.  ALAFCO's main activities include aircraft operating leases, sale and leaseback operations and aircraft lease management services. ALAFCO's current portfolio consists of 61 Airbus and Boeing aircraft – comprising of A320, B737 and B777 aircraft – leased to 20 airlines in 13 countries across the world. ALAFCO invests in new technology aircraft and currently has a firm order of 115 aircraft comprising of 73 A320neo, 10 A321neo, 12 A350-900XWB and 20 B737max aircraft – scheduled to be delivered from 2017 to 2021.

SOURCE Allegiant

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