Air Lease Corporation (AL), a California-based aircraft leasing firm, announced on Tuesday the launch of its commercial paper program. This initiative enables the company to issue short-term, unsecured commercial paper notes, leveraging the exemption from registration granted under Section 4(a)(2) of the Securities Act of 1933. The program permits flexible borrowing, repayment, and re-borrowing, with a cap on the outstanding principal set at $2 billion at any given time.
These notes will be issued under standard market conditions within the U.S. commercial paper sector and will be on equal footing with all other unsecured and unsubordinated debt of the company. The funds generated from these notes will be allocated for general corporate purposes, which include the acquisition of commercial aircraft and the refinancing of existing obligations.
On Tuesday, Air Lease's shares closed at $47.37, reflecting a 1.52% increase on the New York Stock Exchange.
