AL - Air Lease closes first ever North American corporate sukuk offering

2023-03-20 06:54:38 ET

• Air Lease ( NYSE: AL ) successfully completed its inaugural sukuk issuance , transaction settled on Mar.15, 2023.
• This marked the first ever offering of its kind into the Middle East market from a North American corporate and the largest sukuk from a U.S.-based borrower.
• Offering consists of $600M principal amount of 5.85% trust certificates due Apr. 1, 2028; it will make semi-annual distributions of the profit rate under the certificates.
• Net proceeds from this will be used for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.

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