By Rebecca Melvin
New York, Nov. 16 -Air Lease Corp. priced a downsized $200 million of seven-year convertible senior notes on Tuesday at a discount to par of 96 with a 3.875% coupon and 35% initial conversion premium, according to a syndicate source.
The Rule 144A deal, which came at revised price talk, was originally going to be a $300 million deal with a $45 million greenshoe.
The original price talk was for a coupon between 2.875% to 3.375%, an initial conversion premium of 33.5% to 38.5% and a 99 reoffered price.
Bookrunners were J.P. Morgan Securities LLC, Nomura, Barclays Capital Inc. and Citigroup Global Markets Inc. Co-managers were Scotia Capital (USA) Inc. and FBR Capital Markets.
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.
| Issuer: | Air Lease Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $200 million, downsized from $300 million
|
| Maturity: | Dec. 1, 2018
|
| Bookrunners: | J.P. Morgan Securities LLC, Nomura, Barclays Capital Inc., Citigroup Global Markets Inc.
|
| Co-managers: | Scotia Capital (USA) Inc., FBR Capital Markets
|
| Coupon: | 3.875%
|
| Price: | Par
|
| Reoffered price: | 96
|
| Conversion premium: | 35%
|
| Conversion price: | $30.23
|
| Conversion ratio: | 33.0836
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Calls: | Non-callable
|
| Puts: | None
|
| Pricing date: | Nov. 15, post close
|
| Settlement date: | Nov. 21
|
| Distribution: | Rule 144A
|
| Stock price: | $22.39 as of close Nov. 15
|
| Market capitalization: | $2.27 billion
|
| Price talk: | 3.875%, up 35%, revised from 2.875% to 3.375%, up 33.5%-38.5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
