LOS ANGELES, California, September 10, 2019 — Air Lease Corporation (NYSE: AL) (the “Company”) announced the pricing on September 9, 2019 of its public offering of $600 million aggregate principal amount of 2.250% senior unsecured medium-term notes due January 15, 2023 (the “2023 Notes”) and $500 million aggregate principal amount of 3.250% senior unsecured medium-term notes due October 1, 2029 (the “2029 Notes” and, together with the 2023 Notes, the “Notes”). The sale of the Notes is expected to close on September 16, 2019, subject to satisfaction of customary closing conditions.
The 2023 Notes will mature on January 15, 2023 and will bear interest at a rate of 2.250% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2020. The 2029 Notes will mature on October 1, 2029 and will bear interest at a rate of 3.250% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2020.
The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.
Fifth Third Securities, Inc., J.P. Morgan Securities LLC, SG Americas Securities, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering of the Notes.
The Notes are being offered pursuant to the Company’s effective shelf registration statement, previously filed with the Securities and Exchange Commission (the “SEC”) on May 10, 2018, as amended by the Post-Effective Amendment No. 1, filed with the SEC on November 20, 2018. The offering of the Notes is being made only by means of the prospectus supplement dated November 20, 2018, supplementing the base prospectus dated November 20, 2018, as may be further supplemented by any free writing prospectus and/or pricing supplements the Company may file with the SEC. Before you invest, you should read the base prospectus, prospectus supplement and any other documents the Company may file with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies may be obtained from: (i) Fifth Third Securities, Inc. by calling 1 (866) 531-5353, (ii) J.P. Morgan Securities LLC at 383 Madison Ave., New York, New York 10179 or by calling collect at 1 (212) 834-4533, (iii) SG Americas Securities, LLC by calling toll free at (855) 881-2108, or (iv) Wells Fargo Securities, LLC at 1 (800) 645-3751.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the expected closing of the offering and the intended use of proceeds. Such statements are based on current expectations and projections about the Company’s future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including but not limited to, unexpected delays in the closing process for the Notes, unanticipated cash needs, and those risks detailed in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019.