Air Lease Corporation Extends $7.2 Billion Senior Unsecured Revolving Credit Facility

Rhea-AI Summary

Air Lease Corporation (NYSE: AL) has successfully amended and extended its senior unsecured revolving credit facility with JPMorgan Chase Bank, enhancing its financial flexibility. The maturity date is now extended to May 5, 2027, with total commitments rising to approximately $7.2 billion from 49 financial institutions as of May 5, 2023. The facility interest rate is tied to adjusted term SOFR plus a margin of 1.05% per year, alongside a 0.20% facility fee, adjustable based on credit ratings. Gregory B. Willis, CFO, emphasized that this extension underscores the company's robust investment-grade credit metrics and is vital for its cost-efficient funding strategy.

Positive

• Extension of credit facility maturity to May 5, 2027 enhances financial flexibility.
• Total revolving commitments increased to approximately $7.2 billion.
• Reflects strong investment-grade credit metrics.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- Air Lease Corporation (NYSE: AL) amended and extended its senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent whereby the company extended the final maturity date of the facility from May 5, 2026 to May 5, 2027 and amended the total revolving commitments to approximately $7.2 billion across 49 financial institutions as of May 5, 2023. The senior unsecured revolving credit facility accrues interest at adjusted term SOFR plus a margin of 1.05% per year with a 0.20% facility fee, each subject to adjustments based on the company’s credit ratings.

“We are pleased to announce the extension of our senior unsecured revolving credit facility by one year to 2027, and we’d like to thank our bank partners for their continued support,” said Gregory B. Willis, Executive Vice President and Chief Financial Officer of Air Lease Corporation. “The ongoing success of this facility reflects ALC’s strong investment grade credit metrics and platform, and it remains a key component of our cost-efficient funding strategy.”

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. 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)

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/20230425006160/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

Source: Air Lease Corporation

FAQ

What is the new maturity date for Air Lease Corporation's credit facility?

The maturity date for Air Lease Corporation's credit facility has been extended to May 5, 2027.

How much is the total revolving commitment for Air Lease Corporation as of May 2023?

The total revolving commitment for Air Lease Corporation is approximately $7.2 billion.

Who is the administrative agent for Air Lease Corporation's credit facility?

JPMorgan Chase Bank, N.A. is the administrative agent for Air Lease Corporation's credit facility.

What is the interest rate on Air Lease Corporation's credit facility?

The interest rate on Air Lease Corporation's credit facility is adjusted term SOFR plus a margin of 1.05% per year.

What does the extension of the credit facility mean for Air Lease Corporation?

The extension signifies enhanced financial flexibility and reflects the company's strong credit metrics.