(RTTNews) - Air Lease Corporation (AL) a California-based aircraft leasing company, announced on Tuesday the establishment of its commercial paper program.
Under this program, Air Lease can issue short-term, unsecured commercial paper notes under the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933. The program allows for borrowing, repayment, and re-borrowing, with a maximum outstanding principal amount of $2 billion at any time.
The Notes will be sold under standard terms in the U.S. commercial paper market and will rank equally with all other unsecured and unsubordinated company debt. The proceeds from the Notes will be used for general corporate purposes, including purchasing commercial aircraft and repaying existing debt.
Tuesday, AL's stock closed at $47.37, up 1.52% on the New York Stock Exchange.
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