Bumper revolver for ALC

Dino D'Amore
By Dino D'Amore June 1, 2016 20:26

Bumper revolver for ALC

Air Lease Corporation (ALC) has amended and extended its unsecured revolving credit facility to $3.13 billion from $2.78 billion, across 39 financial institutions. The facility’s maturity date was extended from May 5, 2019 to May 5, 2020 and the total revolving commitments were increased. Under the amended deal, lenders hold revolving commitments totaling $2.78 billion that mature on May 5, 2020, with the remaining revolving commitments maturing prior to May 5, 2020.

The pricing for the facility remains unchanged at LIBOR plus 125 basis points with a 25 basis point facility fee, subject to reductions based on improvements in the lessor’s credit ratings.

“The unsecured bank revolver is a key advantage in the Company’s capital structure that provides us with both flexibility and speed when deploying capital. We believe our financial results over the past six years have earned the confidence of our banking group and led to the upsizing and extension of the facility,” said Gregory B. Willis, Senior Vice President and Chief Financial Officer at ALC.

JPMorgan is the administrative agent for the facility. Joint lead arrangers and joint bookrunners on the amended transaction are JPMorgan, Merrill Lynch, Citi, Mizuho Bank, BMO Capital, BNP Paribas, Suntrust Robinson Humphrey, Fifth Third Bank, Goldman Sachs, ICBC International Capital, MUFG Union Bank, RBC Capital Markets, Santander and Wells Fargo. Bank of America, Citi, Mizuho Bank, BMO Harris Bank, BNP Paribas and Suntrust Bank are second amendment co-syndication agents. Second amendment co-documentation agents are Fifth Third Bank, Goldman Sachs, ICBC, MUFG Union Bank, RBC, Santander and Wells Fargo.

Dino D'Amore
By Dino D'Amore June 1, 2016 20:26