Air Lease Corp Secures $3.5B Credit Facility
Ticker: AL · Form: 8-K · Filed: Sep 18, 2024 · CIK: 1487712
Sentiment: bullish
Topics: credit-facility, financing, liquidity
Related Tickers: AL
TL;DR
AL just inked a new $3.5B revolving credit line, replacing the old $3B one, maturing in 2029. More firepower for planes!
AI Summary
Air Lease Corporation (AL) announced on September 17, 2024, that it has entered into a new unsecured revolving credit facility totaling $3.5 billion. This facility replaces its previous $3.0 billion credit facility and matures on September 17, 2029. The new credit facility includes an option to increase the facility size by an additional $1 billion.
Why It Matters
This expanded credit facility provides Air Lease Corp with increased financial flexibility and liquidity to fund aircraft acquisitions and other general corporate purposes.
Risk Assessment
Risk Level: low — The filing is a routine update on a credit facility, which is a standard financial instrument for companies like Air Lease Corp.
Key Numbers
- $3.5B — New Credit Facility (Increased borrowing capacity)
- $3.0B — Previous Credit Facility (Replaced facility)
- $1B — Optional Increase (Potential for further expansion)
Key Players & Entities
- Air Lease Corporation (company) — Registrant
- $3.5 billion (dollar_amount) — New credit facility amount
- $3.0 billion (dollar_amount) — Previous credit facility amount
- September 17, 2029 (date) — Maturity date of new credit facility
- September 17, 2024 (date) — Date of new credit facility announcement
FAQ
What is the total amount of the new unsecured revolving credit facility?
The new unsecured revolving credit facility totals $3.5 billion.
What is the maturity date of the new credit facility?
The new credit facility matures on September 17, 2029.
What did the new credit facility replace?
The new credit facility replaces Air Lease Corporation's previous $3.0 billion credit facility.
Does the new credit facility have an option for expansion?
Yes, the new credit facility includes an option to increase the facility size by an additional $1 billion.
What is the purpose of this credit facility?
The credit facility is intended to fund aircraft acquisitions and for other general corporate purposes.
Filing Stats: 1,198 words · 5 min read · ~4 pages · Grade level 11.2 · Accepted 2024-09-18 06:05:03
Key Financial Figures
- $0.01 — al Preferred Stock, Series D, par value $0.01 per share, with a liquidation preferenc
- $1,000.00 — share, with a liquidation preference of $1,000.00 per share (the " Series D Preferred Sto
- $25.00 — ll be redeemed at a redemption price of $25.00 per share, plus dividends that have bee
Filing Documents
- d896743d8k.htm (8-K) — 38KB
- d896743dex11.htm (EX-1.1) — 164KB
- d896743dex991.htm (EX-99.1) — 8KB
- 0001193125-24-221030.txt ( ) — 417KB
- al-20240917.xsd (EX-101.SCH) — 4KB
- al-20240917_def.xml (EX-101.DEF) — 14KB
- al-20240917_lab.xml (EX-101.LAB) — 23KB
- al-20240917_pre.xml (EX-101.PRE) — 15KB
- d896743d8k_htm.xml (XML) — 7KB
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K 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 Series D Preferred Stock offering, the intended use of proceeds therefrom and the Company's intention to redeem its Series A Preferred Stock. 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. 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 Series D Preferred Stock, unanticipated cash needs, and those risks discussed under "Part I - Item 1A. Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other SEC filings, including future SEC filings. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company does not intend and undertake no obligation to update any forward-looking information to reflect actual results or events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Item9.01.
Financial Statements and Exhibits
Financial Statements and Exhibits. The following exhibits are included with this Current Report on Form 8-K. Pursuant to General Instruction B.2 of Form 8-K, Exhibit 1.1 is deemed to be filed under the Exchange Act. Exhibit 99.1 is being furnished solely for purposes of Item 7.01 of this Form 8-K. (d) Exhibits . Exhibit No. Description 1.1 Underwriting Agreement, dated September 17, 2024, by and among Air Lease Corporation and Mizuho Securities USA LLC, BMO Capital Markets Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, for themselves and on behalf of the several underwriters listed therein. 99.1 Press Release dated September 17, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AIR LEASE CORPORATION Date: September 18, 2024 By: /s/ Gregory B. Willis Name: Gregory B. Willis Title: Executive Vice President and Chief Financial Officer