Air Lease Corporation, the New Global Aviation Venture, Is Ready for Take-Off

Jul 16, 2010 - LOS ANGELES - Air Lease Corporation (ALC), a new aircraft leasing company being launched by industry pioneer Steven Udvar-Hazy and longtime aviation executive John L. Plueger, has secured initial financing of $3.3 billion, and aircraft acquisitions are already underway.  Making the announcement were Mr. Udvar-Hazy, Chairman and Chief Executive Officer of ALC, who co-founded and led International Lease Finance Corporation (ILFC) for 37 years, and Mr. Plueger, President and COO of ALC.

"We are gratified by the confidence investors have placed in our management team through this process, and we are working tirelessly to justify that confidence," said Mr. Udvar Hazy.

Mr. Udvar-Hazy and Mr. Plueger have assembled a senior management team who collectively share almost 200 years of industry experience and bring longstanding relationships with leaders in the airline, aerospace manufacturing and financial worlds, as well as legal expertise. 

"ALC is committed to helping shape the future of the aviation industry," commented Mr. Udvar-Hazy, "and we believe this new venture provides many wonderful opportunities for our airline clients, our business partners and our investors.  We look forward to working with the leading global airlines as they modernize their fleets, to consulting with the OEMs as they develop the next generation of fuel-efficient 'green' aircraft, and to continually exploring strategic business solutions that enable our clients to grow and thrive financially." 

According to Mr. Plueger, to date ALC has raised approximately $1.3 billion of equity capital and approximately $2 billion of committed debt financing.  The company is already in the process of acquiring a portfolio of aircraft and has lease commitments from a large group of diversified airlines.  By spring 2011, the fleet is expected to exceed more than 100 commercial jet aircraft. 

Led by Mr. Udvar-Hazy, the management team includes John L. Plueger, President and Chief Operating Officer; Grant A. Levy, Executive Vice President, General Counsel and Secretary; Marc H. Baer, Executive Vice President, Marketing; Alex A. Khatibi, Executive Vice President; Kishore Korde, Senior Vice President; James C. Clarke, Senior Vice President and Chief Financial Officer; John D. Poerschke, Senior Vice President of Aircraft Specifications and Procurement; Robert McNitt, Senior Vice President, Legal; Gregory B. Willis, Vice President, Finance and Chief Accounting Officer; and Pierce Chang, Vice President. In addition, Emilio Romano will advise ALC as Regional Director, Latin America.

FBR Capital Markets acted as placement agent/initial purchaser in the company's equity private placement, and Moelis & Company acted as the company's financial advisor.  Gibson, Dunn & Crutcher LLP and Munger, Tolles & Olson LLP acted as counsel to Air Lease in the equity raises.

Source: Air Lease

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