ALC amends syndicated unsecured revolving credit facility

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Air Lease (ALC) has amended an existing financing with a $1.7 billion unsecured revolving bank credit facility priced at Libor plus 1.45%, with no floor.

The new facility has been upsized to $1.7 billion from $1.1 billion, while the availability period has been extended by one year through May, 2017. The pricing has been reduced from Libor +1.75%.

The revolving credit line was arranged by eight joint bookrunners: JP Morgan Securities, BMO Capital Markets, Citigroup Global Markets, Credit Suisse Securities (USA), Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, RBS Securities, and Wells Fargo Securities. The number of participating banks increased by seven to 26 in the facility.

"This credit facility further strengthens our balance sheet and increases our access to attractively priced capital," says ALC's senior vice president and chief financial officer Gregory Willis.