Air Lease Corporation Activity Update for the First Quarter of 2021

Editor -

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

As of March 31, 2021, ALC’s fleet was comprised of 342 owned aircraft and 83 managed aircraft, with 349 new aircraft on order from Boeing and Airbus set to deliver through 2027.

Aircraft Investments

  • Delivered ten new aircraft from ALC’s order book including one Airbus A320neo, four Airbus A321neos, four Boeing 737-8s and one Boeing 787-9
  • Aircraft investments in the quarter totaled approximately $600 million with the majority occurring in the second half of the quarter

Sales

  • No aircraft sales occurred during the quarter

Financing

  • Issued $750 million of 0.70% senior unsecured medium-term notes due 2024
  • Issued $300 million of 4.65% fixed-rate reset non-cumulative perpetual series B preferred stock

Ratings

  • On April 7, 2021, ALC’s long-term rating from S&P was affirmed at BBB and outlook changed to Stable from Negative