Today Air Lease Corporation (NYSE: AL) announced an update on deliveries, sales and new significant financing occurring in the first quarter of 2020.

As of March 31, 2020, ALC’s fleet was comprised of 301 owned aircraft in its operating fleet and 82 managed aircraft with 399 new aircraft on order from Boeing and Airbus set to deliver through 2026.

Deliveries

  • Delivered 8 new aircraft including 2 Airbus A320neos, 4 Airbus A321neos, 2 Boeing 787-10s, and acquired 1 A330-300 in the secondary market
  • Aircraft investments in the quarter totaled approximately $700 million
  • The majority of this quarter’s orderbook deliveries occurred in the second half of the quarter

Sales

  • Sold 3 aircraft to Thunderbolt Aircraft Lease Limited III
  • Sales proceeds for the quarter totaled approximately $65 million

Financing

  • Issued $1.4 billion of senior unsecured medium-term notes comprised of $750.0 million due 2025 at a fixed rate of 2.30% and $650.0 million due 2030 at a fixed rate of 3.00%
  • Upsized senior unsecured revolving credit facility to $6.1 billion from $5.8 billion
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