Following Air Lease Corporation’s (NYSE: AL) quality ratings and strengthened credit profile, the company today announced that one of its banks has agreed to review and improve terms by approximately 170 million dollars of secured debt related to the financing of six ALC aircraft.
Under the agreement, the bank pledged to reduce the interest rate, extend loan maturities and improve loan principal amortization profiles. ALC also extended two of the affected leases, a Boeing 737-800 and a Boeing 777-200ER, with their respective tenants in Europe.
“The resulting transactions will significantly reduce ALC’s interest expense in connection with these financings and further increase our free cash flow 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 in funding and loan repayment plans. These statements are based on current expectations and projections regarding our future results, prospects and opportunities and are not guarantees of future performance. These statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or expected in forward-looking statements due to a number of factors, including those discussed in our documents filed with the Securities and Exchange Commission.
About Air Lease Corporation (NYSE: AL)
ALC is an aircraft rental company based in Los Angeles, California with airline customers around the world. ALC and its team of dedicated and experienced professionals are primarily focused on the purchase of commercial aircraft and their leasing to its airline partners around the world through customized aircraft leasing and financing solutions. For more information, visit the ALC website at www.airleasecorp.com.
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