Published on 9/9/2019 in the Prospect News Investment Grade Daily.
New Issue: Air Lease sells $1.1 billion of 2.25%, 3.25% notes due 2023, 2029
By Sarah Lizee
Olympia, Wash., Sept. 9 – Air Lease Corp. sold $600 million of 2.25% medium-term notes, series A, due Jan. 15, 2023 and $500 million of 3.25% medium-term notes, series A, due Oct. 1, 2029 (/BBB/BBB/Kroll: A-), according to an FWP filing with the Securities and Exchange Commission filed Monday.
The 2.25% notes priced at 99.286 to yield 2.475%, or a spread of 95 basis points over Treasuries, and the 3.25% notes priced at 98.883 to yield 3.382%, or a spread of 175 bps over Treasuries.
The joint bookrunners are Fifth Third Securities, Inc., J.P. Morgan Securities LLC, SG Americas Securities, LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp., BofA Securities, Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc., BNP Paribas Securities Corp., 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 and Commonwealth Bank of Australia.
Air Lease is a Los Angeles-based aircraft leasing company.
| Issuer: | Air Lease Corp.
|
| Issue: | Medium-term notes, series A
|
| Bookrunners: | Fifth Third Securities, Inc., J.P. Morgan Securities LLC, SG Americas Securities, LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp., BofA Securities, Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc., BNP Paribas Securities Corp., 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 and Commonwealth Bank of Australia
|
| Co-managers: | CIT Capital Securities LLC; Keefe, Bruyette & Woods, Inc. and Morgan Stanley & Co. LLC
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 16
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Kroll: A-
|
| Distribution: | SEC registered
|
|
|
| 2.25% notes
|
| Amount: | $600 million
|
| Maturity: | Jan. 15, 2023
|
| Coupon: | 2.25%
|
| Price: | 99.286
|
| Yield: | 2.475%
|
| Spread: | 95 bps over Treasuries
|
| Call: | Make-whole call at price equal to par plus Treasuries plus 15 bps
|
| Change-of-control put: | 101%
|
|
|
| 3.25% notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 1, 2029
|
| Coupon: | 3.25%
|
| Price: | 98.883
|
| Yield: | 3.382%
|
| Spread: | 175 bps over Treasuries
|
| Call: | Make-whole call before July 1, 2029 at price equal to par plus Treasuries plus 30 bps; par thereafter
|
| Change-of-control put: | 101%
|
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