Published on 9/27/2016 in the Prospect News Investment Grade Daily.
New Issue: Air Lease gives details on $500 million sale of 2.125% notes due 2020
By Devika Patel
Knoxville, Tenn., Sept. 27 – Air Lease Corp. offered further details about a $500 million offering of 2.125% senior notes due Jan. 15, 2020 in an FWP filed Tuesday with the Securities and Exchange Commission.
The notes (BBB-) priced on the tight side of guidance with a spread of 137.5 basis points over Treasuries on Monday. They were sold at 99.643 to yield 2.239%.
The notes have a make-whole call at Treasuries plus 20 basis points until Jan. 15, 2020 and then become callable at par.
Goldman Sachs & Co., BofA Merrill Lynch, Santander Investment Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Fifth Third Securities Inc., ICBC, J.P. Morgan Securities LLC, Lloyds Securities, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets Corp. and SunTrust Robinson Humphrey Inc. were the bookrunners.
The Los Angeles aircraft leasing company will use the proceeds for general corporate purposes.
| Issuer: | Air Lease Corp.
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| Amount: | $500 million
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| Description: | Senior notes
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| Maturity: | Jan. 15, 2020
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| Coupon: | 2.125%
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| Price: | 99.643
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| Yield: | 2.239%
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| Spread: | Treasuries plus 137.5 bps
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| Call: | Make-whole call at Treasuries plus 20 basis points until Jan. 15, 2020, then at par
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| Bookrunners: | Goldman Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Inc., Santander Investment Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Fifth Third Securities Inc., ICBC, J.P. Morgan Securities LLC, Lloyds Securities, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, MUFG, RBC Capital Markets Corp., SunTrust Robinson Humphrey Inc.
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| Co-manager: | Loop Capital Markets LLC
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| Trade date: | Sept. 26
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| Settlement date: | Oct. 3
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| Rating: | S&P: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 140 bps area, plus or minus 2.5 bps
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