Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-184382
Supplementing the Preliminary Prospectus Supplement dated September 9, 2014 (to Prospectus dated
October 11, 2012)
AIR LEASE CORPORATION
$500,000,000 2.125% Senior Notes due 2018
$500,000,000 4.250% Senior Notes due 2024
Pricing Term Sheet
Date: September 9, 2014
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Issuer: |
Air Lease Corporation |
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Security Description: |
2.125% Senior Notes due 2018 |
4.250% Senior Notes due 2024 |
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Principal Amount: |
$500,000,000 |
$500,000,000 |
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Net Proceeds (before expenses): |
$496,000,000 |
$492,730,000 |
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Maturity Date: |
January 15, 2018 |
September 15, 2024 |
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Coupon: |
2.125% |
4.250% |
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Issue Price: |
99.650% of face amount, plus accrued interest, if any, from September 16, 2014 |
99.196% of face amount, plus accrued interest, if any, from September 16, 2014 |
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Yield to Maturity: |
2.235% |
4.350% |
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Benchmark Treasury Spot / Yield: |
99-17 ¼ / 1.035% |
98-29 / 2.500% |
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Spread to Benchmark Treasury: |
120 basis points |
185 basis points |
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Benchmark Treasury: |
0.875% due August 15, 2017 |
2.375% due August 15, 2024 |
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Interest Payment Dates: |
January 15 and July 15, commencing January 15, 2015 |
March 15 and September 15, commencing March 15, 2015 |
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Optional Redemption: |
Make-whole call at T+20 basis points. |
Make-whole call at T+30 basis points
During the three-month period preceding the maturity date, the Company may redeem the Notes in whole or in part at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest to the date of redemption. |
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Change of Control Repurchase Event: |
Putable at 101% of principal plus accrued and unpaid interest, if any, to the date of purchase. | |
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Use of Proceeds: |
We currently intend to use the net proceeds of this offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness. Affiliates of the underwriters may receive a portion of the net proceeds, to the extent we use the net proceeds to repay indebtedness under which certain of the underwriters or their affiliates are lenders. | |
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Trade Date: |
September 9, 2014 | |
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Settlement Date: |
September 16, 2014 (T+5) | |
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CUSIP: |
00912XAP9 |
00912XAN4 |
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ISIN: |
US00912XAP96 |
US00912XAN49 |
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Denominations/Multiples: |
$2,000 x $1,000 |
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Ratings*: |
S&P: BBB- / Kroll: A- |
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Joint Book-Running Managers: |
Credit Suisse Securities (USA) LLC |
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J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated RBC Capital Markets, LLC BMO Capital Markets Corp BNP Paribas Securities Corp Citigroup Global Markets Inc. Deutsche Bank Securities Inc. Mizuho Securities USA Inc. Morgan Stanley & Co. LLC RBS Securities Inc. SunTrust Robinson Humphrey, Inc. Wells Fargo Securities, LLC |
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement including a prospectus and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement if you request them by contacting: (i) Credit Suisse Securities (USA) LLC at Prospectus Dept., One Madison Avenue, New York, NY 10010 or calling toll-free at 1-800-221-1037, (ii) J.P. Morgan Securities LLC at 383 Madison Ave. New York, NY 10179 or calling collect at 212-834-4533, (iii) Merrill Lynch, Pierce, Fenner & Smith Incorporated at dg.prospectus_requests@baml.com or calling toll-free 1-800-294-1322, or (iv) RBC Capital Markets, LLC, by calling toll-free at 1-866-375-6829.
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