By Paul A. Harris
Portland, Ore., March 13 - Air Lease Corp. priced a massively upsized $1 billion issue of unrated and non-callable five-year senior notes at par to yield 5 5/8% on Tuesday, according to a market source.
The yield printed on top of price talk that was upwardly revised from earlier talk, which had the yield coming in the 5½% area.
J.P. Morgan Securities LLC was the bookrunner for the quick-to-market issue, which was upsized from $500 million.
The Los Angeles-based aircraft leasing company plans to use the proceeds to fund the acquisition of commercial aircraft and for general corporate purposes.
| Issuer: | Air Lease Corp.
|
| Amount: | $1 billion, increased from $500 million
|
| Maturity: | April 1, 2017
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 466 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Equity clawback: | 40% at 105.625 until April 1, 2015
|
| Trade date: | March 13
|
| Settlement date: | March 16
|
| Ratings: | Unrated
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5 5/8%, increased from 5½% area
|
| Marketing: | Quick to market
|
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