Air Lease Corporation Completes First Ever North American Corporate Sukuk Offering
20 März 2023 - 11:33AM
Business Wire
Today Air Lease Corporation (NYSE: AL) announced the successful
completion of its inaugural sukuk issuance. The transaction,
settled on March 15, 2023, represented the first ever offering of
its kind into the Middle East market from a North American
corporate and the largest sukuk from a US-based borrower in
history.
The offering consisted of US$600 million aggregate principal
amount of 5.85% trust certificates due April 1, 2028 (the
“Certificates”). The Company will make semi-annual distributions of
the profit rate under the Certificates. The Certificates were
offered pursuant to Rule 144A and Regulation S under the Securities
Act of 1933, as amended, are rated “BBB” by both S&P and Fitch
with a Stable Outlook and listed on the London Stock Exchange.
“This inaugural sukuk offering is a testament to ALC’s strong
credit profile and further evidence of our commitment to a
well-diversified, global funding program,” said Gregory B. Willis,
Executive Vice President and Chief Financial Officer of Air Lease
Corporation. “We are grateful to our banking partners for their
commitment and support in structuring and executing this landmark
transaction. Thank you to Bank ABC, DIB, Al Rayan, Citi, Deutsche
Bank, Emirates NBD, JPMorgan, KFH Capital and Warba Bank who served
as our joint lead managers. In addition, thank you to Allen &
Overy and Clifford Chance for their legal guidance and the entire
Air Lease team for their support in making this transaction a huge
success.”
“We are proud to highlight the strong liquidity in this region
and the opportunity for other investment grade borrowers to raise
funds at cost efficient rates. This transaction complements our
strong airline relationships in the Middle East and we look forward
to further developing our funding presence in this region,” added
Daniel Verwholt, Senior Vice President and Treasurer of Air Lease
Corporation.
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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Certificates, nor shall there
be any sale of the Certificates 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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to expectations regarding the
Company’s future financing activity 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, changes in the global
markets and financing landscape, 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, 2022.
About Air Lease Corporation (NYSE: AL)
Air Lease Corporation is a leading global aircraft leasing
company based in Los Angeles, California that has airline customers
throughout the world. ALC and its team of dedicated and experienced
professionals are principally engaged in purchasing new commercial
aircraft and leasing them to its airline customers worldwide
through customized aircraft leasing and financing solutions. The
company routinely posts information that may be important to
investors in the “Investors” section of its website at
www.airleasecorp.com. Investors and potential investors are
encouraged to consult Air Lease Corporation’s website regularly for
important information. The information contained on, or that may be
accessed through, ALC’s website is not incorporated by reference
into, and is not a part of, this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230320005214/en/
Investors: Jason Arnold Vice President, Investor Relations
Email: investors@airleasecorp.com Media: Laura Woeste Senior
Manager, Media and Investor Relations Email: press@airleasecorp.com
Ashley Arnold Senior Manager, Media and Investor Relations Email:
press@airleasecorp.com
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