Published on 6/12/2018 in the Prospect News Investment Grade Daily.
New Issue: Air Lease details $500 million sale of 3.875% five-year notes at 125 bps spread
By Cristal Cody
Tupelo, Miss., June 12 – Air Lease Corp. (/BBB/BBB) provided additional details of its $500 million of 3.875% five-year senior notes sold Monday at 99.18 to yield 4.056% in an FWP filing with the Securities and Exchange Commission.
The notes priced at spread of 125 basis points over Treasuries. Initial price talk was in the Treasuries plus 137.5 bps area, a source said.
The bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch, RBC Capital Markets, LLC, ABN AMRO Securities (USA) LLC, Arab Banking Corporation B.S.C., BMO Capital Markets Corp., BNP Paribas Securities Corp., Fifth Third Securities, Inc., ICBC Standard Bank Plc, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Lloyds Securities Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG, Regions Securities LLC, SG Americas Securities, LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC.
Proceeds will be used for general corporate purposes, which may include the purchase of aircraft and payment of existing debt.
The aircraft leasing company is based in Los Angeles.
| Issuer: | Air Lease Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | July 3, 2023
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch, RBC Capital Markets, LLC, ABN AMRO Securities (USA) LLC, Arab Banking Corporation B.S.C., BMO Capital Markets Corp., BNP Paribas Securities Corp., Fifth Third Securities, Inc., ICBC Standard Bank Plc, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Lloyds Securities Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG, Regions Securities LLC, SG Americas Securities, LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Commonwealth Bank of Australia, Morgan Stanley & Co. LLC and Stifel, Nicolaus & Co., Inc.
|
| Coupon: | 3.875%
|
| Price: | 99.18
|
| Yield: | 4.056%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call before June 3, 2023 at Treasuries plus 20 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Trade date: | June 11
|
| Settlement date: | June 18
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 137.5 bps area
|
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