Air Lease plans a 100-aircraft portfolio by year-end

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Air Lease Corp. (ALC) is planning to grow its fleet by acquiring 36 'committed' aircraft in 2011 as well as another 15 to 20 aircraft through additional purchases.

As of 15 March 2011, ALC owned 46 aircraft of which nine were new aircraft and 37 were used aircraft.

Of the 36 aircraft ALC has committed to in 2011, a total of 10 are used aircraft: one Airbus A320-200, five Boeing 737-800s, three 767-300ERs and a single 777-300ER.

The other 26 aircraft this year include two ATR72-600s, 11 Embraer E-175/190s, seven A330s and six A320/321s.

ALC also says it has three aircraft: one A319, one 737-700 and one 737-800 with leases ending this year.

Next year's additions include eight ATR72-600s and 14 Embraer 175/190s, three 737-800s, four A330s and nine A320/321s.

The operating lessor says it has future lease commitments for 35 out of 36 aircraft to be delivered this year, and for 28 out of 38 aircraft to be delivered in 2012.

The company's initial public offering on 18 April of about 30.3 million shares at 26.50 each was an increase from its initial outline to sell 25 million shares priced at the midpoint of the expected range of $25 to $28.

ALC granted the underwriters an option to purchase up to an additional 4.5 million shares of Class A common stock on the same terms and conditions, to cover over-allotments, if any.

In January, ALC said it was planning an IPO, although at the time it had only wanted to raise $100 million.