29 Aug 2025
#5 August 2025: Irish Aircraft Leasing Newsletter
ASL Aviation Holdings Confirms Refinancing of Credit Facility
ASL Aviation Holdings DAC has successfully refinanced its credit facility, with Goldman Sachs acting as the sole structuring and placement agent. The transaction includes a US$316 million refinanced term facility and a revolving credit facility (RCF), aimed at providing greater financial flexibility to support ASL’s growth and long-term development plans.
Mark O’Kelly, Chief Financial Officer at ASL Aviation Holdings, stated:
“We are delighted to announce the successful refinancing and enhancement of our credit facility. The belief and strong support we continue to receive from the banking markets is encouraging. It reflects the trust in ASL’s growth strategy and our role as a global leader in aviation. This financing will enable us to further develop our fleet, serve our customers more efficiently, and continue advancing toward our goal of reducing our carbon emission footprint.”
Avolon Delivers First of Six Boeing 737-8 MAX Aircraft to Virgin Australia
Avolon has completed the first of six Boeing 737-8 MAX aircraft deliveries to Virgin Australia under a sale-and-leaseback arrangement. Virgin Australia, a long-standing Avolon customer since 2011, already has eight aircraft leased from Avolon.
Paul Geaney, President and Chief Commercial Officer at Avolon, commented:
“We have a strong and long-standing relationship with Virgin Australia and are delighted to support their plans with six new 737-8 MAX aircraft. The scale of our orderbook and balance sheet gives us the ability to provide our customer airlines with bespoke solutions to support their expansion and fleet transition.”
DAE Announces Purchase and Leaseback Agreement with United Airlines
Dubai Aerospace Enterprise (DAE) has signed a purchase and leaseback agreement with United Airlines for 10 new Boeing 737-9 aircraft. The aircraft will be delivered between August 2025 and February 2026.
Firoz Tarapore, CEO of DAE, stated:
“We are delighted to continue building on our valued relationship with United. This agreement follows our recent acquisition of an Airbus A321neo leased to United and underscores our continued commitment to the North American market. We congratulate United on their continued success and look forward to further strengthening our partnership in the years ahead.”
SMBC Aviation Capital Delivers Second Airbus A321-271NX to Air New Zealand
SMBC Aviation Capital has delivered an Airbus A321-271NX, powered by IAE PW1133G-JM engines, to Air New Zealand. This marks the second aircraft delivered as part of a two-aircraft transaction with the airline.
Conor Stafford, Head of Airline Marketing at SMBC Aviation Capital, commented:
“We are extremely proud of this significant milestone in our partnership with Air New Zealand. The delivery of this state-of-the-art Airbus A321-271NX underscores our commitment to providing our airline customers with the most modern and fuel-efficient aircraft available.”
Acumen’s Take
On ASL Aviation Holdings' Credit Facility Refinancing
ASL’s refinancing signals strong confidence in its long-term strategy and creditworthiness. The new structure, combining a term loan and RCF, provides agility to fund fleet growth while navigating sector volatility. The involvement of Goldman Sachs also reflects continued institutional interest in aviation-backed debt, even amid shifting macroeconomic conditions.
On Avolon’s MAX Deliveries to Virgin Australia
This transaction strengthens Avolon’s long-standing partnership with Virgin Australia while demonstrating the lessor’s ability to support fleet renewal across global markets. As MAX aircraft gain wider acceptance post-grounding, such structured sale-and-leaseback deals underscore their growing demand in the Asia-Pacific region.
On DAE’s 737-9 Deal with United
DAE’s back-to-back transactions with United reinforce its positioning as a strategic lessor in North America. The 737-9's fuel efficiency and range make it ideal for dense domestic networks, aligning with United’s aggressive narrowbody renewal. This agreement also reflects the growing appetite among top-tier airlines to optimise capital expenditure through leaseback structures.
On SMBC’s Second A321-271NX Delivery to Air New Zealand
The completion of this two-aircraft deal showcases SMBC’s continued support of Air New Zealand’s fleet modernisation strategy. The A321neo variant, with its fuel efficiency and extended range, remains a popular choice for airlines seeking environmental compliance and network flexibility—reinforcing SMBC’s focus on next-gen aircraft leasing.
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