New Issue: Air Lease sells upsized $450 million 4½% notes due 2016 at par

By Paul A. Harris

Portland, Ore., Sept. 21 - Air Lease Corp. launched and priced an upsized $450 million issue of unrated 3.25-year senior notes at par to yield 4½% on Friday, according to a market source.

The yield printed at the tight end of yield talk that was set in the 4 5/8% area.

J.P. Morgan Securities LLC, BMO Securities, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets and Wells Fargo Securities LLC were the joint bookrunners for the issue, which was upsized from $300 million.

Proceeds from the sale of the Rule 144A and Regulation S with registration rights notes will be used for general corporate purposes.

The issuer is a Los Angeles-based aircraft leasing company.

Issuer:	Air Lease Corp.
Amount:	$450 million, increased from $300 million
Maturity:	Jan. 15, 2016
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BMO Securities, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets, Wells Fargo Securities LLC
Co-managers:	Credit Agricole CIB, Mizuho Securities USA Inc., RBS Securities Inc.
Coupon:	4½%
Price:	Par
Yield:	4½%
Spread:	411 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Equity clawback:	40% at 104.5 until Sept. 26, 2015
Trade date:	Sept. 21
Settlement date:	Sept. 26
Ratings:	Unrated
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	4 5/8% area
Marketing:	Quick to market

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