Published on 3/1/2017 in the Prospect News Investment Grade Daily.
New Issue: Air Lease sells $500 million 3.625% 10-year senior notes at 137 bps over Treasuries
By Cristal Cody
Tupelo, Miss., March 1 – Air Lease Corp. sold $500 million of 3.625% 10-year senior notes at 98.241 to yield 3.837% on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (/BBB/BBB) priced at a spread of 137 basis points over Treasuries, on the tight side of talk at the Treasuries plus 140 bps area, plus or minus 3 bps.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC were the bookrunners.
The Los Angeles aircraft leasing company will use the proceeds for general corporate purposes.
| Issuer: | Air Lease Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2027
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC
|
| Co-managers: | BMO Capital Markets Corp., Commonwealth Bank of Australia, Fifth Third Securities Inc., Goldman Sachs & Co., ICBC Standard Bank, Lloyds Securities Inc., Loop Capital Markets LLC, BofA Merrill Lynch, Mizuho Securities USA Inc., MUFG, Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
|
| Coupon: | 3.625%
|
| Price: | 98.241
|
| Yield: | 3.837%
|
| Spread: | Treasuries plus 137 bps
|
| Call feature: | Before Jan. 1, 2027 at price equal to par plus applicable premiums calculated at Treasuries plus 25 bps and accrued and unpaid interest to redemption date; thereafter at par plus accrued and unpaid interest to redemption date
|
| Change-of-control put: | 101%
|
| Trade date: | March 1
|
| Settlement date: | March 8
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 140 bps area, plus or minus 3 bps
|
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