Published on 1/19/2021 in the Prospect News Investment Grade Daily.
New Issue: Air Lease prices $750 million 0.7% three-year notes at 72 bps spread
By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – Air Lease Corp. priced $750 million of 0.7% three-year medium-term notes (BBB/BBB/Kroll: A-) on Tuesday at 99.336 to yield 0.921%, or a spread of 72 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission and a press release.
Bookrunners were Citigroup Global Markets Inc., Fifth Third Securities, Inc., Santander Investment Securities Inc., SG Americas Securities, LLC, BMO Capital Markets Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., Regions Securities LLC, TD Securities (USA) LLC, Citizens Capital Markets, Inc., ICBC Standard Bank plc, KeyBanc Capital Markets Inc., Commonwealth Bank of Australia, Arab Banking Corp. BSC, CIBC World Markets Corp., Mischler Financial Group, Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes, including possibly the purchase of commercial aircraft and the repayment of existing debt.
The aircraft leasing company is based in Los Angeles.
| Issuer: | Air Lease Corp.
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| Amount: | $750 million
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| Description: | Series A medium-term notes
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| Maturity: | Feb. 15, 2024
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| Bookrunners: | Citigroup Global Markets Inc., Fifth Third Securities, Inc., Santander Investment Securities Inc., SG Americas Securities, LLC, BMO Capital Markets Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., Regions Securities LLC, TD Securities (USA) LLC, Citizens Capital Markets, Inc., ICBC Standard Bank plc, KeyBanc Capital Markets Inc., Commonwealth Bank of Australia, Arab Banking Corp. BSC, CIBC World Markets Corp., Mischler Financial Group, Inc. and Morgan Stanley & Co. LLC
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| Co-manager: | Keefe, Bruyette & Woods, Inc.
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| Coupon: | 0.7%
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| Price: | 99.336
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| Yield: | 0.921%
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| Spread: | Treasuries plus 72 bps
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| Call features: | Make-whole call at price equal to greater of par or Treasuries plus 15 bps before Jan 15, 2024; thereafter at par
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| Change-of-control put: | 101% plus accrued and unpaid interest
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| Trade date: | Jan. 19
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| Settlement date: | Jan. 26
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| Ratings: | S&P: BBB
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| Fitch: BBB
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| Kroll: A-
|
| Distribution: | SEC registered
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