Debt Overview
Air Lease’s financing objective is to ensure the availability of capital resources on an ongoing basis to meet the funding requirements of our business, most importantly the acquisition of new, modern aircraft from our order book. Achieving and maintaining strong investment grade credit ratings has been a priority of Air Lease management since inception of the company in 2010, and our investment grade ratings continue to play a key role in our ability to access diverse sources of capital.
Primary Funding Sources
$7.8 billion Committed Revolving Credit Facility – final maturity May 5, 2028
- Syndicate includes over 50 banking institutions
- Available for general corporate purposes
Issuance of Senior Unsecured Securities
- Over $30 billion of senior unsecured securities issued since 2010
Additional Funding Sources
- Bank term loan facilities
- Bilateral credit facilities
Debt Financing
The Company’s consolidated debt (dollars in thousands) as of March 31, 2024 is summarized below:
| Unsecured | |
|---|---|
| Senior Unsecured Securities | 16308000 |
| Term Financings | 1608000 |
| Revolving Credit Facility | 1453000 |
| Total Unsecured Debt Financing | 19,369,000 |
| Secured | |
|---|---|
| Term Financings | 97000 |
| Export Credit Financing | 202000 |
| Total Secured Debt Financing | 299,000 |
| Total | |
|---|---|
| Total Debt Financing | 19,668,000 |
| Less: Debt discounts and issuance costs | (188,000) |
| Debt Financing, Net of Discounts and Issuance Costs | |
Senior Unsecured Securities
| ISIN / Link to Prospectus or Pricing Supplement |
Type | Coupon | Currency | Notional (M) | Issue Date | Maturity Date |
|---|---|---|---|---|---|---|
| Senior - Callable | 0.80% | USD | 600 | 08/18/2021 | 08/18/2024 | |
| Senior - Callable | 4.25% | USD | 500 | 09/16/2014 | 09/15/2024 | |
| Senior - Callable | 2.625% | CAD | 400 | 12/05/2019 | 12/05/2024 | |
| Senior - Callable | 2.30% | USD | 750 | 01/14/2020 | 02/01/2025 | |
| Senior - Callable | 3.25% | USD | 700 | 01/16/2018 | 03/01/2025 | |
| Senior - Callable | 3.375% | USD | 850 | 06/24/2020 | 07/01/2025 | |
| Senior - Callable | 2.875% | USD | 1,450 | 08/17/2020 | 01/15/2026 | |
| Senior - Callable | 3.75% | USD | 750 | 05/23/2019 | 06/01/2026 | |
| Senior | 5.30% | USD | 600 | 06/25/2024 | 06/25/2026 | |
| Senior - Callable | 1.875% | USD | 1,200 | 05/24/2021 | 08/15/2026 | |
| Senior - Callable | 2.20% | USD | 750 | 01/12/2022 | 01/15/2027 | |
| Senior - Callable | 3.625% | USD | 500 | 03/08/2017 | 04/01/2027 | |
| Senior - Callable | 3.625% | USD | 500 | 11/20/2017 | 12/01/2027 | |
| Senior - Callable | 5.85% | USD | 700 | 12/05/2022 | 12/15/2027 | |
| Senior - Callable | 5.30% | USD | 700 | 01/13/2023 | 02/01/2028 | |
US00914QAA58 XS2567397711 |
Sukuk* | 5.85% | USD | 600 | 03/15/2023 | 04/01/2028 |
CA00912XBP83 (Initial Issuance) CA00912XBP83 (Qualified Re-opening) |
Senior - Callable | 5.40% | CAD | 900 | 11/29/2023 | 06/01/2028 |
| Senior - Callable | 2.10% | USD | 500 | 08/18/2021 | 09/01/2028 | |
| Senior - Callable | 4.625% | USD | 500 | 09/17/2018 | 10/01/2028 | |
| Senior - Callable | 5.10% | USD | 500 | 01/24/2024 | 03/01/2029 | |
| Senior - Callable | 3.25% | USD | 500 | 09/16/2019 | 10/01/2029 | |
| Senior - Callable | 3.00% | USD | 650 | 01/14/2020 | 02/01/2030 | |
| Senior - Callable | 3.70% | EURO | 600 | 03/27/2024 | 04/15/2030 | |
| Senior - Callable | 3.125% | USD | 750 | 11/24/2020 | 12/01/2030 | |
| Senior - Callable | 5.20% | USD | 600 | 06/25/2024 | 07/15/2031 | |
| Senior - Callable | 2.875% | USD | 750 | 01/12/2022 | 01/15/2032 |
*Air Lease issued $600 million in aggregate principal amount of 5.85% trust certificates due 2028 in a Sukuk financing.
Sukuk $600M LSE Documentation:
Preferred Equity Currently Outstanding
| Security | Notional ($M) | Dividend | Issue Date | Maturity |
|---|---|---|---|---|
| Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A | 250 | 3-Month SOFR +3.65% | 2/26/2019 | Perpetual (callable on or after 3/15/2024) |
| Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B | 300 | 4.65% | 02/23/2021 | Perpetual (callable on or after 6/15/26) |
| Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C | 300 | 4.125% | 10/13/2021 | Perpetual (callable on or after 12/15/26) |