Published on 1/8/2018 in the Prospect News Investment Grade Daily.
New Issue: Air Lease sells $1.25 billion of 2.5%, 3.25% notes due 2021, 2025
By Wendy Van Sickle
Columbus, Ohio, Jan. 8 – Air Lease Corp. sold $1.25 billion of fixed-rate senior notes in two tranches on Monday, according to a press release.
The company sold $550 million of 2.5% notes due March 1, 2021 at 99.381.
It also sold $700 million of 3.25% notes due March 1, 2025 at 98.717.
The notes feature a par call for the 2021 notes and a make-whole call until two months prior to maturity for the 2025 notes, and then a par call.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Societe Generale and Wells Fargo Securities LLC are the bookrunners.
BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commonwealth Bank of Australia, Fifth Third Securities Inc., Goldman Sachs & Co., ICBC Standard Bank plc, KeyBanc Capital Markets Inc., Lloyds Securities, Loop Capital Markets LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets Corp., Stifel, Nicolaus & Co. Inc. and SunTrust Robinson Humphrey Inc. are joint lead managers.
Proceeds will be used for general corporate purposes, including purchasing commercial aircraft and debt repayment.
Air Lease is a Los Angeles-based aircraft leasing company.
| Issuer: | Air Lease Corp.
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Societe Generale and Wells Fargo Securities LLC
|
| Joint lead managers: | BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commonwealth Bank of Australia, Fifth Third Securities Inc., Goldman Sachs & Co., ICBC Standard Bank plc, KeyBanc Capital Markets Inc., Lloyds Securities, Loop Capital Markets LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets Corp., Stifel, Nicolaus & Co. Inc. and SunTrust Robinson Humphrey Inc.
|
| Trade date: | Jan. 8
|
| Settlement date: | Jan. 16
|
| Distribution: | SEC registered
|
|
|
| 2021 notes
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| Amount: | $550 million
|
| Maturity: | March 1, 2021
|
| Coupon: | 2.5%
|
| Price: | 99.381
|
| Call feature: | Callable at par
|
|
|
| 2025 notes
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| Amount: | $700 million
|
| Maturity: | March 1, 2025
|
| Coupon: | 3.25%
|
| Price: | 98.717
|
| Call feature: | Make-whole call until two months before maturity, then a par call
|
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