Sunwing Airlines Finalizes Aircraft Leasing Contract With Air Lease Corporation Worth $350 Million

TORONTO, ON--(Marketwired - December 03, 2014) - Sunwing Airlines confirmed today that a deal worth $350 million had been finalized with Air Lease Corporation to supply the carrier with two Boeing 737-800 and four 737 MAX 8 aircraft over a four year period commencing in early 2016. The deal represents the largest single financial investment that the company has ever made to increase and upgrade its airplanes; once delivery has been taken the airline's fleet will number 22 year round aircraft.

Already recognized for fuel efficiency -- Sunwing Airlines recently became the second carrier in the world to commercially fly with Blended Winglets on its 737-800s after retrofitting its entire fleet with Split Scimitar Winglets which both reduce carbon emissions and fuel consumption -- the addition of the 737 MAX 8 will only serve to improve the company's eco footprint even further. As this latest generation aircraft is expected to reduce fuel usage and CO² emissions by 14% when compared to the most fuel efficient, single-aisle airplanes currently on the market. In addition, the 737 MAX 8 will also benefit from the latest quiet engine technology and enhanced cabin including new sculpted sidewalls, pivoting overhead storage bins and speakers built into each row's passenger service unit.

President of Sunwing Airlines, Mark Williams, commented, "The acquisition of our new Boeing 737-800 and 737 MAX 8 aircraft is an integral part of our overall expansion plan across an increasing number of both Canadian and U.S. gateways. This year we will be operating flights out of 45 Canadian and U.S. local airports to over 40 different destinations across North and South America, and the Caribbean. As we continue to grow, having aircraft that will enable us to offer a reliable, cost-effective and environmentally-conscious service is paramount. So we are delighted to be able to include the new 737 MAX 8 in our fleet for the first time."

"ALC is dedicated to support Sunwing's successful growth. These additional two new 737-800 aircraft coupled with the four new 737-8MAX aircraft will continue to modernize and transition to the newest, most efficient, and environmentally friendly fleet in Canada," said John L. Plueger, President and Chief Operating Officer of Air Lease Corporation.

New destinations that feature within Sunwing Airlines enhanced flight schedule for the coming winter include the Caribbean island of St Lucia and the UNESCO-recognized Colombian city of Cartagena. Several new gateways are also operational from this season notably Buffalo, New York and Cincinnati, Ohio. There has also been an increase in the number of direct connections offered to popular vacation destinations. For the first time this winter, the Cuban island of Cayo Santa Maria will benefit from direct connections to 17 Canadian airports, while the Mexican tourist resort of Cancun is now accessible from over 20 different gateways with direct services from Buffalo, Val d'Or, Fort McMurray and Grande Prairie also being added this winter.

Known for its award-winning Champagne Service, vacationers can look forward to starting off their holiday in style on board Sunwing Airlines with a welcome glass of champagne, complimentary food, wine, and in-flight entertainment. They'll also benefit from a generous 20kg baggage allowance.

About Sunwing Airlines

Sunwing Airlines has been offering affordable flights since 2005. Operating convenient direct flights from 34 different Canadian gateways to over 30 vacation destinations, savvy travellers choose Sunwing because of the airline's unbeatable prices, reliability, and award winning service. Sunwing's modern fleet of Boeing 737-800 aircrafts has helped the airline achieve an outstanding performance record for on-time departures, as well as increased fuel efficiency, contributing to the carrier's low fares.

About Air Lease Corporation (NYSE: AL)

Air Lease Corporation is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.