Reported Earlier, Air Lease Prices $300M Offering Of 6.00% Fixed-Rate Reset Preferred Stock, Series D
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Air Lease Corporation has announced a $300 million offering of 6.00% Fixed-Rate Reset Preferred Stock, Series D. The proceeds will be used to redeem its 6.15% Series A Preferred Stock and for general corporate purposes, including aircraft purchases and debt repayment.
September 18, 2024 | 6:31 am
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Air Lease Corporation is issuing $300M of 6.00% Fixed-Rate Reset Preferred Stock, Series D. The funds will be used to redeem higher-cost Series A stock and for corporate purposes.
The issuance of new preferred stock at a lower rate allows Air Lease to reduce its cost of capital by redeeming the higher-rate Series A stock. This financial maneuver is likely to improve the company's balance sheet and potentially enhance shareholder value, leading to a positive short-term impact on the stock price.
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