ALC completes first ever North American corporate sukuk offering

Air Lease Corporation (ALC) has successfully closed its inaugural sukuk issuance. The transaction, settled on March 15, 2023, represented the first ever offering of its kind into the Middle East market from a North American corporate and the largest sukuk from a US-based borrower in history. The offering consisted of US$600 million 5.85% trust certificates due April 1, 2028, paid semi-annually, pursuant to Rule 144A and Regulation S. The notes are rated “BBB” by both S&P and Fitch with a Stable Outlook and listed on the London Stock Exchange. “This inaugural sukuk offering is a testament to ALC’s strong credit