Air Lease Corporation Activity Update for the Second Quarter of 2021

Rhea-AI Summary

Air Lease Corporation (NYSE: AL) reported a substantial update on aircraft investments and financing as of June 30, 2021. The fleet includes 354 owned and 89 managed aircraft, with 339 new orders from Boeing and Airbus set for delivery through 2027. In Q2, the company delivered 12 new aircraft and invested approximately $1 billion in aircraft. Financing activities included issuing $1.2 billion of senior unsecured notes and a credit facility increase to $6.4 billion. ALC’s long-term rating from Fitch was affirmed at BBB, with a stable outlook.

Positive

• Fleet expansion with 12 new aircraft delivered in Q2.
• Significant aircraft investments totaling approximately $1 billion.
• Successful issuance of $1.2 billion in medium-term notes.
• Increase in credit facility to $6.4 billion.
• Fitch rating affirmed at BBB with stable outlook.

Negative

• No aircraft sales reported during the quarter.

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

As of June 30, 2021, ALC’s fleet was comprised of 354 owned aircraft and 89 managed aircraft, with 339 new aircraft on order from Boeing and Airbus set to deliver through 2027.

Aircraft Investments

• Delivered twelve new aircraft from ALC’s order book including two Airbus A320neos, three Airbus A321neos, one Airbus A330-900neo, one Airbus A350-900, two Boeing 737-8s, one Boeing 737-9, and two Boeing 787-9s
• Aircraft investments in the quarter totaled approximately $1 billion, with the majority occurring in the second half of the quarter

Sales

• No aircraft sales occurred during the quarter

Financing

• Issued $1.2 billion of 1.875% senior unsecured medium-term notes due 2026
• Issued $600 million of floating rate senior unsecured medium-term notes at LIBOR + 0.35% due 2022
• Upsized senior unsecured revolving credit facility to $6.4 billion from $6.2 billion

Ratings

• On July 1, 2021, ALC’s long-term rating from Fitch was affirmed at BBB with outlook revised 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/20210709005083/en/

FAQ

What aircraft investments did Air Lease Corporation announce?

Air Lease Corporation announced the delivery of 12 new aircraft, totaling approximately $1 billion in investments during Q2 2021.

What financing activities did Air Lease Corporation undertake in Q2 2021?

In Q2 2021, Air Lease Corporation issued $1.2 billion in senior unsecured notes and increased its credit facility to $6.4 billion.

What is the current fleet size of Air Lease Corporation?

As of June 30, 2021, Air Lease Corporation's fleet comprised 354 owned aircraft and 89 managed aircraft.

What is Air Lease Corporation's credit rating from Fitch?

Air Lease Corporation's long-term rating from Fitch was affirmed at BBB with a stable outlook on July 1, 2021.

Did Air Lease Corporation have any aircraft sales in Q2 2021?

No aircraft sales occurred for Air Lease Corporation during Q2 2021.