Air Lease's $300 million convertibles now talked at 3.875% coupon, up 35%, discounted to 99

By Rebecca Melvin

New York, Nov. 15 - Price talk was revised on Air Lease Corp.'s planned $300 million of seven-year convertibles to 3.875% for the coupon with an initial conversion premium of 35%, from original talk for a coupon between 2.875% to 3.375% and with an initial conversion premium of 33.5% to 38.5%, according to a market source.

The Rule 144A deal, which was expected to price after the market close on Tuesday, was also going to be offered at a discount of 99 to par.

As previously reported, there is a $45 million greenshoe.

Bookrunners are J.P. Morgan Securities LLC, Nomura, Barclays Capital Inc. and Citigroup Global Markets Inc.

The bonds are non-callable with no puts. They have dividend and takeover protection.

Proceeds will be used to fund the acquisition of commercial aircraft and for general corporate purposes.

Air Lease is a Los Angeles-based aircraft leasing company with business in Asia, the Pacific Rim, Latin America, the Middle East and Eastern Europe.

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