Air Lease Corporation (ALC) has priced its offering of C$500 million 5.4% senior unsecured medium-term notes (MTNs).
Subject to satisfaction of customary closing conditions, the sale of the notes is expected to close on 29 November 2023. The notes, which will mature on 1 June 2028, bear an interest rate of 5.4% per annum, payable in Canadian dollars twice-yearly in arrears on 1 June and December of each year (commencing on 1 June 2024).
The joint bookrunners for the offering of the notes are BMO Capital Markets, BofA Securities, RBC Capital Markets, Scotiabank and TD Securities, while CIBC Capital Markets is acting as co-manager.
ALC stated that it intends to use the net proceeds of the offering for general corporate purposes that may include the purchase of additional commercial aircraft and the repayment of existing indebtedness.