Air Lease arranges $1.7 billion credit facility at Libor plus 145 bps

By Toni Weeks

San Luis Obispo, Calif., May 7 - Air Lease Corp. closed on a new $1.7 billion four-year unsecured revolving bank credit facility, according to a press release.

The new facility amends and updates the company's existing $1.1 billion bank facility and extends the availability period by another year to May 2017.

Borrowings will bear interest at Libor plus 145 basis points with no Libor floor, lower than the previous facility's Libor plus 175 bps with no Libor floor. The undrawn fee has also been lowered, to 30 bps from 37.5 bps.

The revolving credit line was arranged by eight joint bookrunners: J.P. Morgan Securities, BMO Capital Markets, Citigroup Global Markets, Credit Suisse Securities (USA), Bank of America Merrill Lynch, RBC Capital Markets, RBS Securities and Wells Fargo Securities. In all, there are 26 banks participating in the facility, up from the 19 banks participating in the former facility.

Los Angeles-based Air Lease is an aircraft leasing company.

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