By Paul A. Harris
Portland, Ore., Sept. 28 - One week after pricing an upsized $450 million unrated issue of 4½% senior notes due Jan. 15, 2016, Air Lease Corp. announced a $50 million add-on to that issue in a Friday press release.
The add-on was priced, according to a market source, who added that the entire $50 million amount was taken by a single investor.
J.P. Morgan Securities LLC, which led that original issue, was believed to be involved, the source said, adding that the price and yield were not widely circulated.
The Los Angeles aircraft leasing company plans to use the proceeds to fund the acquisition of commercial aircraft and for other general corporate purposes.
Issuer: | Air Lease Corp.
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Amount: | $50 million
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Maturity: | Jan. 15, 2016
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Security description: | Add-on to 4½% senior notes due Jan. 15, 2016
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Coupon: | 4½%
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Call protection: | Non-callable
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Make-whole: | Treasuries plus 50 bps
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Equity clawback: | 40% at 104.5 until Sept. 26, 2015
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Announcement: | Sept. 28
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Ratings: | Unrated
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Distribution: | Rule 144A and Regulation S
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Original issue: | $450 million priced at par on Sept. 21, 2012
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Total issue size: | $500 million
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