Published on 11/28/2022 in the Prospect News Investment Grade Daily.
New Issue: Air Lease sells $700 million 5.85% five-year notes at 98.963
By Cristal Cody
Chicago, Nov. 28 – Air Lease Corp. priced a $700 million issue of 5.85% five-year notes (BBB/BBB/Kroll: A-) on Monday at 98.963, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a 6.092% yield, or at a spread of 220 basis points over the benchmark Treasury.
Price talk was in the Treasuries plus 255 bps area, according to a market source.
The joint bookrunners were BofA Securities, Inc., J.P. Morgan Securities LLC, SG Americas Securities, LLC, Truist Securities, Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc., TD Securities (USA) LLC, Wells Fargo Securities, LLC, BBVA Securities Inc., Citizens Capital Markets, Inc., Goldman Sachs & Co. LLC, ICBC Standard Bank plc, NatWest Markets Securities Inc., Regions Securities LLC, Scotia Capital (USA) Inc., Arab Banking Corp. BSC, CIBC World Markets Corp., Huntington Securities, Inc., KeyBanc Capital Markets Inc., Mischler Financial Group, Inc. and U.S. Bancorp Investments, Inc.
The notes can be redeemed with a Treasuries plus 35 bps make-whole premium until Nov. 15, 2027, when they can be redeemed at par until the maturity date.
Air Lease is a Los Angeles-based aircraft leasing company.
| Issuer: | Air Lease Corp.
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| Amount: | $700 million
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| Issue: | Notes
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| Maturity: | Dec. 15, 2027
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| Bookrunners: | J.P. Morgan Securities LLC, SG Americas Securities, LLC, Truist Securities, Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc., TD Securities (USA) LLC, Wells Fargo Securities, LLC, BBVA Securities Inc., Citizens Capital Markets, Inc., Goldman Sachs & Co. LLC, ICBC Standard Bank plc, NatWest Markets Securities Inc., Regions Securities LLC, Scotia Capital (USA) Inc., Arab Banking Corp. BSC, CIBC World Markets Corp., Huntington Securities, Inc., KeyBanc Capital Markets Inc., Mischler Financial Group, Inc. and U.S. Bancorp Investments, Inc.
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| Co-managers: | CIT Capital Securities LLC, Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc. and Academy Securities, Inc.
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| Coupon: | 5.85%
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| Price: | 98.963
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| Yield: | 6.092%
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| Spread: | Treasuries plus 220 bps
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| Call features: | Make-whole call at Treasuries plus 35 bps until Nov. 15, 2027; thereafter at par
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| Trade date: | Nov. 28
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| Settlement date: | Dec. 5
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| Ratings: | S&P: BBB
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| Fitch: BBB
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| Kroll: A-
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 255 bps area
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| Cusip: | 00914AAT9
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