New Issue: Air Lease prices $600 million 2.625% five-year notes at 98 bps over Treasuries

By Cristal Cody

Tupelo, Miss., June 5 – Air Lease Corp. sold $600 million of 2.625% five-year senior notes (BBB/BBB) on Monday at 99.553 to yield 2.72%, or a spread of Treasuries plus 98 basis points, according to an FWP filing with the Securities and Exchange Commission.

Citigroup Global Markets, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey, Inc. were the bookrunners.

The Los Angeles aircraft leasing company plans to use the proceeds for general corporate purposes, which may include the purchase of commercial aircraft and the repayment of existing debt.

Issuer:	Air Lease Corp.
Amount:	$600 million
Description:	Senior notes
Maturity:	July 1, 2022
Bookrunners:	Citigroup Global Markets, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey, Inc.
Co-managers:	BMO Capital Markets Corp., BNP Paribas Securities Corp., Commonwealth Bank of Australia, Fifth Third Securities, Inc., ICBC Standard Bank plc, KeyBanc Capital Markets Inc., Lloyds Securities Inc., Loop Capital Markets LLC, BofA Merrill Lynch, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets, LLC, SG Americas Securities, LLC, Stifel, Nicolaus & Co., Inc. and Wells Fargo Securities, LLC
Coupon:	2.625%
Price:	99.553
Yield:	2.72%
Spread:	Treasuries plus 98 bps
Call feature:	Make-whole call before June 1, 2022 at Treasuries plus 15 bps; thereafter at par
Change-of-control put:	101%
Trade date:	June 5
Settlement date:	June 12
Ratings:	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered

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