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

As of June 30, 2021, ALC’s fleet was comprised of 354 owned aircraft and 89 managed aircraft, with 339 new aircraft on order from Boeing and Airbus set to deliver through 2027.

Aircraft Investments

  • Delivered twelve new aircraft from ALC’s order book including two Airbus A320neos, three Airbus A321neos, one Airbus A330-900neo, one Airbus A350-900, two Boeing 737-8s, one Boeing 737-9, and two Boeing 787-9s
  • Aircraft investments in the quarter totaled approximately $1 billion, with the majority occurring in the second half of the quarter

Sales

  • No aircraft sales occurred during the quarter

Financing

  • Issued $1.2 billion of 1.875% senior unsecured medium-term notes due 2026
  • Issued $600 million of floating rate senior unsecured medium-term notes at LIBOR + 0.35% due 2022
  • Upsized senior unsecured revolving credit facility to $6.4 billion from $6.2 billion

Ratings

  • On July 1, 2021, ALC’s long-term rating from Fitch was affirmed at BBB with outlook revised to Stable from Negative
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