Air Lea

Historically, the company prioritized growth in modern aircraft, unsecured IG funding, and a modest common dividend. Under the merger covenants and new ownership, share repurchases were restricted and dividends were limited pre‑close.

The post‑merger strategy emphasizes asset sales to delever and a servicing arrangement with SMBC AC, while the orderbook transfer shifts the model toward portfolio recycling rather than OEM slot compounding.

We view the new approach as prudent for balance sheet strength, but it structurally reduces organic growth levers that used to earn attractive spreads on forward deliveries.