Published on 8/8/2016 in the Prospect News Investment Grade Daily.
New Issue: Air Lease prices $750 million 3% seven-year senior notes with 180 bps spread
By Cristal Cody
Eureka Springs, Ark., Aug. 8 – Air Lease Corp. sold $750 million of 3% seven-year senior notes with a spread of 180 basis points over Treasuries on Monday, according to a FWP filing with the Securities and Exchange Commission.
The notes due Sept. 15, 2023 (/BBB-/) priced at 98.658 to yield 3.213%.
The bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Fifth Third Securities, Inc., Goldman, Sachs & Co., ICBC Standard Bank plc, Lloyds Securities Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets, LLC, Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes.
Air Lease is an aircraft leasing company based in Los Angeles.
| Issuer: | Air Lease Corp.
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| Amount: | $750 million
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| Description: | Senior notes
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| Maturity: | Sept. 15, 2023
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| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Fifth Third Securities, Inc., Goldman, Sachs & Co., ICBC Standard Bank Plc, Lloyds Securities Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets, LLC, Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
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| Coupon: | 3%
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| Price: | 98.658
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| Yield: | 3.213%
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| Spread: | Treasuries plus 180 bps
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| Trade date: | Aug. 8
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| Settlement date: | Aug. 15
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| Call feature: | Make-whole call on before July 15, 2023 at Treasuries plus 30 bps; on or after July 15, 2023 at par
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| Put option: | 101%
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| Ratings: | Standard & Poor’s: BBB-
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| Distribution: | SEC registered
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