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Air Lease Corporation (NYSE: AL), established in 2010 and headquartered in Los Angeles, California, is a prominent player in the global aircraft leasing industry. The company focuses on acquiring commercial aircraft from top manufacturers like The Boeing Company and Airbus S.A.S, and subsequently leasing them to a large portfolio of airline partners worldwide. This strategy allows airlines to access the latest aircraft models without incurring the high upfront costs of purchasing them.
ALC’s diversified fleet includes both single-aisle narrow-bodied jets and twin-aisle wide-bodied aircraft, catering to various airline operational needs. The company’s business model centers around long-term lease agreements and generating revenue from the leasing of flight equipment. With operations spanning the Asia Pacific, Europe, the Middle East and Africa, Central America, South America and Mexico, and North America, ALC enjoys a robust global presence.
Recent corporate milestones underscore ALC's dynamic growth and market leadership. In February 2024, the company secured C$400 million through its medium-term notes offering, maturing in 2028, aimed at general corporate purposes including aircraft purchases and debt repayment. Additionally, ALC announced long-term lease agreements with Thai Airways International for three Boeing 787-9 Dreamliners and with Transavia for two Airbus A321-200neo aircraft, enhancing its portfolio and strengthening partnerships with major airlines.
The company’s financial performance remains strong, evidenced by Q1 2024 revenue of $663 million and a fleet expansion to 472 owned aircraft. ALC’s strategic initiatives include a well-placed order book of 320 new aircraft set for delivery through 2028, ensuring sustained growth. The firm maintains a disciplined financial approach with a composite cost of funds at 4.03% and a strategy to keep leverage around 2.5x Debt-to-Equity.
ALC's commitment to excellence is reflected in its strong customer relationships, a young and in-demand fleet, and proactive management of its aircraft investments. The company continues to adapt and thrive amidst industry challenges, demonstrating resilience and foresight in its operations.
Air Lease Corporation (NYSE: AL) announced the pricing of a public offering of $700 million in senior unsecured medium-term notes at an interest rate of 5.30%, maturing on February 1, 2028. The offering is set to close on January 13, 2023, pending customary conditions. Proceeds will be utilized for general corporate purposes, including aircraft purchases and debt repayment. The Notes will yield interest payable semi-annually, commencing August 1, 2023.
Air Lease Corporation (NYSE: AL) has announced the closing of a $400 million unsecured term loan facility with a maturity date in 2027. The loan proceeds will support general corporate purposes. The transaction was arranged by Sumitomo Mitsui Trust Bank, along with other global banks. This financing enhances ALC's liquidity, complementing a recent $700 million fixed-rate senior unsecured notes offering. Senior VP Daniel Verwholt highlighted the diversified financing source, showcasing ALC's strong banking relationships.
Air Lease Corporation (NYSE: AL) has priced a public offering of $700 million in 5.85% senior unsecured medium-term notes, maturing on December 15, 2027. The offering is set to close on December 5, 2022, pending customary conditions. The notes will pay interest semi-annually, starting June 15, 2023. Proceeds will be used for general corporate purposes, including aircraft purchases and existing debt repayment. Joint book-running managers include BofA Securities and J.P. Morgan Securities.
Air Lease Corporation (NYSE: AL) has announced long-term lease agreements for three new Boeing 787-9 aircraft with Air Astana, Kazakhstan's national carrier. Deliveries are set to commence in early 2025 and continue through spring 2026, enhancing Air Astana's fleet modernization and long-range operational capabilities. Executive Chairman Steven Udvar-Házy emphasized the importance of these leases in improving passenger comfort while expanding international routes. This partnership further solidifies ALC's commitment to providing efficient aircraft to its clients.
Air Lease Corporation (NYSE: AL) announced that CEO John L. Plueger and CFO Gregory B. Willis will speak at the Airline Economics Growth Frontiers Asia Pacific Conference in Singapore on November 8 and 9, 2022. Attendees can find additional details on the conference website. Relevant presentation materials will be available in advance on the Air Lease Investors section of their website. The company specializes in leasing commercial aircraft globally, offering custom solutions to airline customers.
Air Lease Corporation (AL) reported financial results for the three and nine months ended September 30, 2022. Revenues increased by 7.0% to $561.3 million compared to Q3 2021, driven by fleet growth and aircraft sales. The net income attributable to common shareholders remained steady at $100.0 million. The Board announced a quarterly dividend increase to $0.20 per share, marking 40 consecutive payments. The company ended Q3 with $30.9 billion in committed future rental payments and a fleet of 405 aircraft valued at $23.9 billion, with a weighted average age of 4.5 years.
Air Lease Corporation (NYSE: AL) announced long-term leases for three Boeing 737-8 aircraft with Italian airline Aeroitalia. Deliveries are scheduled between 2023 and 2024. Executives from both companies highlighted the efficiency and growth potential of these aircraft for Aeroitalia, supporting its business expansion and sustainability goals. The deal emphasizes the strengthening relationship between ALC and Aeroitalia, with expectations of improved operational capacity for the airline.
Air Lease Corporation (NYSE: AL) has successfully completed the delivery of a tenth Airbus A320-200 aircraft to Allegiant Air, marking the final delivery of ten used A320s formerly leased to Alaska Airlines. This delivery enhances Allegiant's fleet with modern, fuel-efficient aircraft. In addition, ALC has signed long-term lease agreements with Alaska Airlines for 14 new Boeing 737-9 aircraft, with 11 already delivered. Forward-looking statements suggest further deliveries are expected.
Air Lease Corporation (NYSE: AL) announced long-term leases for five new Airbus A321-200 XLR aircraft with LATAM Airlines, set to deliver between fall 2025 and 2026. This agreement marks the introduction of the XLR model to LATAM, which is enhancing its fleet with advanced technology to improve efficiency and passenger experience. LATAM Airlines, the largest carrier in South America, is modernizing its fleet to expand its international route network, thereby optimizing operational capabilities.
Air Lease Corporation (NYSE: AL) provided a third-quarter update highlighting its aircraft investments and sales. As of September 30, 2022, the fleet included 405 owned and 87 managed aircraft, with 412 new aircraft on order for delivery through 2028. The company delivered 14 new aircraft during the quarter and invested approximately $840 million in aircraft. Additionally, one aircraft was sold to a third-party buyer. The statement includes forward-looking remarks indicating uncertainty rooted in ongoing economic conditions, including the COVID-19 pandemic.
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