Air Lease Corporation Announces Pricing of $250 Million Offering of Preferred Stock

LOS ANGELES, California, February 26, 2019 – Air Lease Corporation (NYSE: AL) (the “Company”) announced the pricing today of its public offering of 10,000,000 shares (the “Shares”) of 6.150% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”), with a liquidation preference of $25.00 per share, at a price to the public of $25.00 per share before underwriting commissions and transaction expenses. The sale of the Shares is expected to close on March 5, 2019, subject to satisfaction of customary closing conditions.

The Company intends to apply to list the Shares on the New York Stock Exchange under the symbol “AL PRA”. If the application is approved, the Company expects trading of the Shares on the New York Stock Exchange to commence within 30 days after the Shares are first issued.

The Company will pay dividends on the Shares only when, as and if declared by the board of directors (or a duly authorized committee of the board of directors). Dividends will accrue, on a non-cumulative basis, at a rate per annum on the stated amount of $25.00 per share equal to: (i) 6.150% from March 5, 2019 to, but excluding, March 15, 2024, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2019, and (ii) three-month LIBOR (as defined in the prospectus supplement relating to the offering of the Shares) plus a spread of 3.650% per annum, reset quarterly, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024.

The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering of the Shares.