Published on 3/4/2014 in the Prospect News Investment Grade Daily.
New Issue: Air Lease sells upsized $500 million 3.875% notes due 2021 at 175 bps spread
By Aleesia Forni
Virginia Beach, March 4 - Air Lease Corp. priced an upsized $500 million of 3.875% senior notes (/BBB-/) due 2021 with a spread of 175 basis points over Treasuries, a market source said.
The notes sold with an issue price of 99.802 to yield 3.907%.
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc., Barclays, BMO Capital Markets, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third Securities Inc., Goldman Sachs & Co., Mizuho Securities USA Inc. and RBC Capital Markets LLC were the joint bookrunners.
Proceeds will be used general corporate purposes, which may include the purchase of commercial aircraft and the repayment of debt, according to an FWP filed with the Securities and Exchange Commission.
Air Lease is a Los Angeles-based aircraft leasing company.
| Issuer: | Air Lease Corp.
|
| Amount: | $500 million, upsized from $350 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2021
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc., Barclays, BMO Capital Markets, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third Securities Inc., Goldman Sachs & Co., Mizuho Securities USA Inc., RBC Capital Markets LLC
|
| Coupon: | 3.875%
|
| Price: | 99.802
|
| Yield: | 3.907%
|
| Spread: | Treasuries plus 175 bps
|
| Trade date: | March 4
|
| Settlement date: | March 11
|
| Ratings: | Standard & Poor's: BBB-
|
| Price talk: | Treasuries plus 180 bps, Treasuries plus 200 bps area
|
| Make-whole call: | Treasuries plus 30 bps prior to March 1, 2021, then callable at par
|
| Change-of-control put: | 101%
|
| Distribution: | SEC-registered
|
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