17-Nov-2011 9:47 AM

ALC prices USD200m note offering

Air Lease Corporation (ALC) announced (16-Nov-2011) the pricing of its offering of USD200 million of 3.875% convertible senior notes due 2018. The notes are being sold only to qualified institutional buyers. The initial sale is expected to close on 21-Nov-2011. The notes will be senior unsecured obligations and will bear interest at a rate of 3.875% p/a, payable semi-annually in arrears, commencing on 01-Jun-2012. The notes are convertible at the option of the holder into shares of the company’s Class A common stock. The conversion rate will initially be 33.0836 shares of the company’s Class A common stock per USD1000 principal amount. ALC intends to use the proceeds of the offering to fund the acquisition of commercial aircraft and for general corporate purposes. [more - original PR]