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Udvar-Hazy's Air Lease Corp. launches IPO expected to raise $622 million

posted Apr 6, 2011, 12:03 AM by Rowan Hewitt


Aaron Karp

Air Lease Corp. on Monday launched an initial public offering of 25 million shares priced at between $25 and $28 each. It said in a filing with the US Securities and Exchange Commission that it expects the IPO to raise net proceeds of approximately $622.1 million.

The Los Angeles-based lessor founded by ILFC co-founder and former chairman and CEO Steven Udvar-Hazy placed its first aircraft orders at last year's Farnborough International Airshow (ATW Daily News, July 20, 2010). The company's stock will be listed on the New York Stock Exchange under the symbol "AL" starting April 19. Underwriters will have the option to purchase up to an additional 3.75 million shares to cover any over-allotments, ALC stated.

According to the SEC filing, ALC's fleet comprised 46 aircraft as of March 15. It has standing commitments to acquire 153 new aircraft and 10 used aircraft.

JP Morgan Securities, Credit Suisse Securities, Barclays Capital, FBR Capital Markets & Co., RBC Capital Markets and Wells Fargo Securities will act as joint book-running managers for the IPO, with Macquarie Capital, Scotia Capital and SG Americas Securities acting as co-managers.