Air Lease Corporation announced today the closing of a four year unsecured revolving bank credit facility for $1.7 billion priced at LIBOR +1.45%, with no LIBOR floor.

This new facility amends and updates our existing bank facility, by increasing the size from $1.1 billion to $1.7 billion, extending the availability period from three years to four years to May, 2017, and reducing the pricing from LIBOR +1.75% with no LIBOR floor and an undrawn fee of 37.5 basis points to LIBOR +1.45% with no LIBOR floor and a 30 basis point facility fee.

This revolving credit line was arranged by 8 joint bookrunners: J.P. 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 from 19 to 26 in the facility.

“ALC is pleased to announce the closing of our amended syndicated unsecured revolving credit facility. We are grateful for the continuing support from our banking group as we continue expanding our global business,” said Gregory B. Willis, senior vice president and chief financial officer of Air Lease Corporation. “This credit facility further strengthens our balance sheet and increases our access to attractively priced capital.”