Published on 6/17/2020 in the Prospect News Investment Grade Daily.
New Issue: Air Lease sells $850 million 3.375% five-year notes at 325 bps spread
By Cristal Cody
Tupelo, Miss., June 17 – Air Lease Corp. priced $850 million of 3.375% five-year medium-term notes (BBB/BBB/Kroll: A-) on Wednesday at 98.975 to yield 3.6%, or a spread of 325 basis points over Treasuries, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes were talked to price in the 375 bps spread area.
Bookrunners were BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Loop Capital Markets LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SG Americas Securities, LLC, SunTrust Robinson Humphrey, Inc., BNP Paribas Securities Corp., Fifth Third Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., Regions Securities LLC, Santander Investment Securities Inc., TD Securities (USA) LLC, Citizens Capital Markets, Inc., Commonwealth Bank of Australia, ICBC Standard Bank plc, KeyBanc Capital Markets Inc., Arab Banking Corporation BSC, CIBC World Markets Corp. and Mischler Financial Group, Inc.
The Los Angeles aircraft leasing company plans to use the proceeds for general corporate purposes, including debt repayment.
| Issuer: | Air Lease Corp.
|
| Amount: | $850 million
|
| Description: | Series A medium-term notes
|
| Maturity: | July 1, 2025
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities, LLC, BMO Capital Markets Corp., Loop Capital Markets LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, SG Americas Securities, LLC, SunTrust Robinson Humphrey, Inc., BNP Paribas Securities Corp., Fifth Third Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., Regions Securities LLC, Santander Investment Securities Inc., TD Securities (USA) LLC, Citizens Capital Markets, Inc., Commonwealth Bank of Australia, ICBC Standard Bank plc, KeyBanc Capital Markets Inc., Arab Banking Corporation BSC, CIBC World Markets Corp. and Mischler Financial Group, Inc.
|
| Co-managers: | Morgan Stanley & Co. LLC, CIT Capital Securities LLC and Keefe, Bruyette & Woods, Inc.
|
| Coupon: | 3.375%
|
| Price: | 98.975
|
| Yield: | 3.6%
|
| Spread: | Treasuries plus 325 bps
|
| Call features: | Make-whole call before June 1, 2025 at price equal to greater of par or Treasuries plus 50 bps; thereafter at par
|
| Change-of-control put: | 101% plus accrued and unpaid interest
|
| Trade date: | June 17
|
| Settlement date: | June 24
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Kroll: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 375 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
