Published on 5/16/2019 in the Prospect News Investment Grade Daily.
New Issue: Air Lease prices $750 million of 3.75% notes due 2026 at Treasuries plus 165 bps
By Cristal Cody
Tupelo, Miss., May 16 – Air Lease Corp. priced $750 million of 3.75% seven-year medium-term notes (BBB/BBB/Kroll: A-) on Thursday at 98.85 to yield 3.939%, or a spread of 165 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
Bookrunners were BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC, BMO Capital Markets Corp., Loop Capital Markets LLC, MUFG, SG Americas Securities, LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Fifth Third Securities Inc., ABN Amro Securities (USA) LLC, Citigroup Global Markets Inc., Citizens Capital Markets, Inc., Goldman Sachs & Co. LLC, ICBC Standard Bank plc, KeyBanc Capital Markets Inc., NatWest Markets Securities Inc., Regions Securities LLC, Santander Investment Securities Inc., TD Securities (USA) LLC, Arab Banking Corp. BSC, Commonwealth Bank of Australia and Morgan Stanley & Co. LLC.
Air Lease is a Los Angeles-based aircraft leasing company.
| Issuer: | Air Lease Corp.
|
| Amount: | $750 million
|
| Description: | Series A medium-term notes
|
| Maturity: | June 1, 2026
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBC Capital Markets LLC, BMO Capital Markets Corp., Loop Capital Markets LLC, MUFG, SG Americas Securities, LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Fifth Third Securities Inc., ABN Amro Securities (USA) LLC, Citigroup Global Markets Inc., Citizens Capital Markets, Inc., Goldman Sachs & Co. LLC, ICBC Standard Bank plc, KeyBanc Capital Markets Inc., NatWest Markets Securities Inc., Regions Securities LLC, Santander Investment Securities Inc., TD Securities (USA) LLC, Arab Banking Corp. BSC, Commonwealth Bank of Australia and Morgan Stanley & Co. LLC
|
| Co-manager: | Keefe, Bruyette & Woods, Inc.
|
| Coupon: | 3.75%
|
| Price: | 98.85
|
| Yield: | 3.939%
|
| Spread: | Treasuries plus 165 bps
|
| Call features: | Make-whole call before April 1, 2026 at price equal to par plus Treasuries plus 25 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Trade date: | May 16
|
| Settlement date: | May 23
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Kroll: A-
|
| Distribution: | SEC registered
|
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