ALC files offer to exchange $151.5m in notes

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Air Lease Corporation has filed with the Securities and Exchange Commission an offer to exchange up to $151.5 million of its 5.62% senior notes due 2017 for any of the lessor's outstanding 7.37% senior unsecured notes due 30 January 2019.

ALC expects to exchange the notes on 26 June, according to the filing.

The accrued interest adjustment amount will be $14.35 for $1,000 in "original face amount" of old notes that are tendered and accepted for exchange, or $15.45 for $1,000 in "currently" remaining principal amount of old notes accepted for exchange, says the lessor.

ALC says it will pay the accrued interest adjustment amount in cash.