Air Lease Corporation provides Q2 update

Eleanor Steed
By Eleanor Steed July 11, 2017 10:11

Air Lease Corporation provides Q2 update

At the end of the second quarter of 2017, Air Lease Corporation’s (ALC) fleet was comprised of 240 owned aircraft and 48 managed aircraft. During the quarter, the lessor delivered eight new aircraft including three 737-800s, one 787-9, one A320neo, one A321ceo and two A321neos, along with six used 737-800s purchased in the secondary market with the majority of these deliveries occurring throughout the second half of the quarter.

ALC sold 17 aircraft including 16 aircraft sold to Thunderbolt Aircraft Lease Limited and 1 aircraft sold to Blackbird Capital I, LLC during the period. It announced a Memorandum of Understanding with Boeing for 12 737 MAX aircraft and signed a firm order with Airbus for 12 additional A321neo aircraft. ALC also designated CFM International’s advanced LEAP-1A engine to power 25 Airbus A320neo family aircraft currently on order.

In terms of financing, ALC repaid $1.1 billion 5.625% senior notes at maturity, amended and extended unsecured revolving credit facility with revolving commitments now totalling $3.7 billion and the substantial majority of the revolving commitments maturing on May 5, 2021. ALC also issued $600 million 2.625% unsecured senior notes due 2022.

Eleanor Steed
By Eleanor Steed July 11, 2017 10:11