By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Air Lease Corp. priced C$500 million of 5.4% medium-term notes due June 1, 2028 (/BBB/BBB/Kroll: A-) on Monday at 99.056 to yield 5.64%, according to an FWP filed with the Securities and Exchange Commission.
The notes were sold with a spread of 179.8 basis points over the Government of Canada benchmark bond, or 183 bps versus the Government of Canada bond curve.
BMO Nesbitt Burns Inc.., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. were the bookrunners.
The issue also was offered in Canada on a private placement basis.
Proceeds will be used for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing debt.
The aircraft leasing company is based in Los Angeles.
| Issuer: | Air Lease Corp.
|
| Amount: | C$500 million
|
| Issue: | Series A medium-term notes
|
| Maturity: | June 1, 2028
|
| Bookrunners: | BMO Nesbitt Burns Inc.., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
|
| Co-manager: | CIBC World Markets Inc.
|
| Trustee: | Deutsche Bank Trust Co. Americas
|
| Counsel to issuer: | Cooley LLP and Stikeman Elliott LLP
|
| Counsel to underwriters: | Simpson Thacher & Bartlett LLP and Osler, Hoskin & Harcourt LLP
|
| Coupon: | 5.4%
|
| Price: | 99.056
|
| Yield: | 5.64%
|
| Spread: | 179.8 bps over Government of Canada benchmark bond, or 183 bps versus curve
|
| Call features: | Make-whole call before May 1, 2028 at price equal to greater of par or 45.5 bps over Government of Canada bond yield; thereafter at par
|
| Change-of-control put: | 101% plus accrued and unpaid interest
|
| Trade date: | Nov. 20
|
| Settlement date: | Nov. 29
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Kroll: A-
|
| Distribution: | SEC registered, Canada private placement
|
| Cusip: | 00912XBP8
|
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