Air Lease Corporation Activity Update for the First Quarter of 2021

Rhea-AI Summary

Air Lease Corporation (NYSE: AL) provided an update on its aircraft operations for Q1 2021. As of March 31, 2021, ALC had a fleet of 342 owned and 83 managed aircraft, with 349 new aircraft on order for delivery through 2027. In the quarter, ALC delivered ten new aircraft and invested about $600 million. Financing activities included issuing $750 million in senior unsecured notes and $300 million in preferred stock. ALC's long-term rating from S&P was affirmed at BBB, with a stable outlook.

Positive

• Delivered ten new aircraft, including one A320neo and four Boeing 737-8s.
• Invested approximately $600 million in aircraft during the quarter.
• Successfully issued $750 million in senior unsecured medium-term notes.
• Affirmed long-term rating at BBB with a stable outlook.

Negative

• No aircraft sales recorded during the quarter.

Today Air Lease Corporation (NYSE: AL) announced an update on aircraft investments, sales and new significant financing occurring in the first quarter of 2021 as well as recent ratings updates.

As of March 31, 2021, ALC’s fleet was comprised of 342 owned aircraft and 83 managed aircraft, with 349 new aircraft on order from Boeing and Airbus set to deliver through 2027.

Aircraft Investments

• Delivered ten new aircraft from ALC’s order book including one Airbus A320neo, four Airbus A321neos, four Boeing 737-8s and one Boeing 787-9
• Aircraft investments in the quarter totaled approximately $600 million with the majority occurring in the second half of the quarter

Sales

• No aircraft sales occurred during the quarter

Financing

• Issued $750 million of 0.70% senior unsecured medium-term notes due 2024
• Issued $300 million of 4.65% fixed-rate reset non-cumulative perpetual series B preferred stock

Ratings

• On April 7, 2021, ALC’s long-term rating from S&P was affirmed at BBB and outlook changed to Stable from Negative

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Some or all of the results anticipated by these forward-looking statements are unknown at this time, including the ultimate impact of the COVID-19 pandemic on our results, prospects and opportunities. 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 those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

ALC is a leading 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 commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. ALC routinely posts information that may be important to investors in the “Investors” section of ALC’s website at www.airleasecorp.com. Investors and potential investors are encouraged to consult the ALC website regularly for important information about ALC. 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/20210412005257/en/

FAQ

What are the recent aircraft investments by Air Lease Corporation (AL) in Q1 2021?

In Q1 2021, Air Lease Corporation delivered ten new aircraft, including one A320neo and four Boeing 737-8s, with a total investment of about $600 million.

What financing activities were reported by Air Lease Corporation (AL) in Q1 2021?

Air Lease Corporation issued $750 million in 0.70% senior unsecured medium-term notes and $300 million in 4.65% fixed-rate reset non-cumulative perpetual series B preferred stock.

What is the current S&P rating for Air Lease Corporation (AL)?

As of April 7, 2021, Air Lease Corporation's long-term rating from S&P was affirmed at BBB, with the outlook changed to Stable from Negative.

How many aircraft does Air Lease Corporation (AL) currently own and manage?

As of March 31, 2021, Air Lease Corporation had 342 owned aircraft and 83 managed aircraft.

What new aircraft orders does Air Lease Corporation (AL) have?

Air Lease Corporation has 349 new aircraft on order from Boeing and Airbus, set to deliver through 2027.