By Paul A. Harris
Portland, Ore., Jan. 29 - Air Lease Corp. priced a $400 million issue of senior notes due March 1, 2020 at par to yield 4¾% on Tuesday, according to a syndicate source.
The yield printed at the wide end of the 4 5/8% to 4¾% yield talk.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the lead bookrunners for the quick-to-market deal.
BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, RBS Securities Inc. and Wells Fargo Securities LLC were bookrunning managers.
The notes were priced without ratings. However they feature a coupon step up if they are not rated in the next 12 months.
The commercial 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: | $400 million
|
| Maturity: | March 1, 2020
|
| Securities: | Senior notes
|
| Lead bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Joint bookrunners: | BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, RBS Securities Inc., Wells Fargo Securities LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 338 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Ratings: | Non-rated (coupon step-up if not rated in next 12 months)
|
| Distribution: | SEC registered
|
| Price talk: | 4 5/8% to 4¾%
|
| Marketing: | Quick to market
|
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