ALC prices notes offering

Eleanor Steed
By Eleanor Steed November 14, 2017 17:33

ALC prices notes offering

Air Lease Corporation has priced its public offering of $600 million 2.750% unsecured senior notes due 2023 and $500 million 3.625% unsecured senior notes due 2027. The 2023 notes were offered to the public at a price of 99.046% of their face amount and the 2027 notes were offered to the public at a price of 98.945% of their face amount. The sale of the notes is expected to close on November 20, 2017, subject to satisfaction of customary closing conditions.

The 2023 Notes will mature on January 15, 2023 and will bear interest at a rate of 2.750% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2018.

The 2027 Notes will mature on December 1, 2027 and will bear interest at a rate of 3.625% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, commencing on June 1, 2018.

ALC intends to use the net proceeds of the offering for general corporate purposes, which may include the purchase of commercial aircraft and the repayment of existing indebtedness.

JPMorgan, Lloyds Securities, Merrill Lynch and Mizuho Securities are acting as joint book-running managers for the offering of the Notes.

Eleanor Steed
By Eleanor Steed November 14, 2017 17:33