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Air Lease Corporation Announces Fourth Quarter 2012 Results And Declares Its First Quarterly Cash Dividend On Its Common Stock

Stocks in this article: AL

Our financing plan remains focused on continuing to raise unsecured debt in the global bank market and through international and domestic capital markets transactions, reinvesting cash flow from operations, and to a limited extent through government guaranteed loan programs from Ex-Im Bank in support of our new Boeing aircraft deliveries.

As of December 31, 2012 and through February 28, 2013, we had established a diverse lending group consisting of 36 banks across four general types of lending facilities. The Company’s debt financing was comprised of the following at December 31, 2012 and 2011:

December 31, 2012   December 31, 2011
(dollars in thousands)
Unsecured
Senior notes $ 1,775,000 $ 120,000
Revolving credit facilities 420,000 358,000
Term financings 248,916 148,209
Convertible senior notes 200,000 200,000
Total unsecured debt financing 2,643,916 826,209
 
Secured
Warehouse facilities 1,061,838 1,048,222
Term financings 688,601 735,285
Total secured debt financing 1,750,439 1,783,507
 
Total secured and unsecured debt financing 4,394,355 2,609,716
Less: Debt discount (9,623) (6,917)
Total debt $ 4,384,732 $ 2,602,799
 
Selected interest rates and ratios:
Composite interest rate (1) 3.94% 3.14%
Composite interest rate on fixed rate debt (1) 5.06% 4.28%
Percentage of total debt at fixed rate 53.88% 24.26%

(1)

  This rate does not include the effect of upfront fees, undrawn fees or issuance cost amortization.
 

Conference Call

In connection with the earnings release, Air Lease Corporation will host a conference call on February 28, 2013 at 4:30 PM Eastern Time to discuss the Company's fourth quarter 2012 financial results.

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