Air Lease Corporation Improves Terms of $170M of Secured Debt
Following Air Lease Corporation's (NYSE: AL) investment grade ratings and strengthened credit profile, the company announced today that one of its banks has agreed to revise and improve the terms for approximately $170 million of secured debt related to the financing of six ALC aircraft.
Under the terms of the agreement, the bank has agreed to reduce the interest rate, extend the loan maturities and improve the principal amortization profiles of the loans. ALC has also extended two of the leases involved, one Boeing 737-800 and a Boeing 777-200ER, with their respective lessees in Europe.
“The resulting transactions will significantly reduce ALC's interest expenses under these financings, and further add to our net cash flows now through 2020,” said Gregory B. Willis, Senior Vice President and Chief Financial Officer.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the future impact of changes to the financing and plans to repay loans. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.
About Air Lease Corporation (NYSE: AL)
ALC is an aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline partners worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.