Narrative
Full Description
Project narrative
On May 5, 2014, financial close was reached on a deal in which a syndicate of banks — initially with no Chinese bank involvemet — entered into a $2.1 billion USD syndicated loan agreement with Air Lease Corporation, a Delaware-based company specializing in aircraft leasing and financing. The loan's maturity was set at four years, with an interest rate tied to LIBOR plus an applicable margin. The proceeds were utilized by Air Lease Corporation to support its leasing operations and associated financing activities, specifically involving the acquisition of aircraft and related assets. On May 27, 2016, 31 lenders and new lenders entered into 2nd Amendment in which they extended the maturity to May 5, 2020. While ICBC (Record ID#106615) contributed $135 million USD, and Bank of China (Record ID#106616) and China Bank of Communications (Record ID#106617) contributed to the loan, the following banks also participated: JPMorgan Chase Bank, N.A.; Citibank, N.A.; Mizuho Bank, Ltd.; BMO Harris Bank N.A.; BNP Paribas; Bank of the West; Suntrust Bank; Fifth Third Bank; MUFG Union Bank, N.A.; Royal Bank of Canada; Santander Bank, N.A.; Wells Fargo Bank, N.A.; Commonwealth Bank of Australia; Deutsche Bank AG New York Branch; Morgan Stanley Bank, N.A.; Apple Bank for Savings; Lloyds Bank; Credit Agricole Corporate and Investment Bank; DBS Bank Ltd.; U.S. Bank, National Association; Citizens Bank, National Association; City National Bank; Bank of Communications Co., Ltd.; Chang Hwa Commercial Bank, Ltd.; CIT Bank, N.A.; East West Bank; The Royal Bank of Scotland plc; and United Bank. On May 2, 2017, the lenders entered into 3rd Amendment in which they extended the maturity to May 5, 2021. ICBC’s contribution is recorded in Record ID#106618, BOC’s contribution is recorded in Record ID#106619 and Bank of Communications is recorded in Record ID#106620. On May 2, 2018, 41 lenders entered into 4th Amendment in which they extended the maturity to May 5, 2022. ICBC’s contribution is recorded in Record ID#106621, BOC’s contribution is recorded in Record ID#106622 and Bank of Communications is recorded in Record ID#106623. In addition, ICBC increased its commitment by $15 million USD (Record ID#106624). China Merchants Bank joined the syndicate and contributed $40 million USD(Record ID#106625). JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Citibank, N.A.; Goldman Sachs Bank USA; Mizuho Bank, Ltd.; MUFG Bank, Ltd.; The Toronto-Dominion Bank, New York Branch; Wells Fargo Bank, N.A.; ABN AMRO Capital USA LLC; BMO Harris Bank N.A.; Societe Generale; SunTrust Bank; Royal Bank of Canada; Fifth Third Bank; KeyBank National Association; Lloyds Bank plc; Regions Bank; Arab Banking Corporation (B.S.C.), Cayman Branch; Citizens Bank N.A.; Commonwealth Bank of Australia; BNP Paribas; Morgan Stanley Bank, N.A.; Apple Bank for Savings; Bank of the West; DBS Bank Ltd.; U.S. Bank, National Association; Stifel Bank & Trust; City National Bank; Land Bank of Taiwan, New York Branch; Taiwan Business Bank, Los Angeles Branch; Mega International Commercial Bank Co., Ltd., New York Branch; Hua Nan Commercial Bank, Los Angeles Branch; Morgan Stanley Senior Funding, Inc.; CIT Bank, N.A.; Liberty Bank; Woodforest National Bank; and The Governor and Company of the Bank of Ireland. On May 3, 2019, 39 lenders entered into 5th Amendment in which they extended the maturity to May 5, 2023 and increased the total commitment to $6,060,247,414 USD. While ICBC (Record ID#106626), Bank of China (Record ID#106627), and Bank of Communications (Record ID#106628) contributed to the loan, the following banks also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; BMO Harris Bank N.A.; Mizuho Bank, Ltd.; MUFG Bank, Ltd.; Societe Generale; SunTrust Bank; Wells Fargo Bank, N.A.; Royal Bank of Canada; City National Bank; BNP Paribas; Bank of the West; Fifth Third Bank; ABN AMRO Capital USA LLC; Citibank, N.A.; Goldman Sachs Bank USA; NatWest Markets Plc; Regions Bank; Santander Bank, N.A.; The Toronto-Dominion Bank, New York Branch; Citizens Bank, N.A.; KeyBank National Association; Commonwealth Bank of Australia; Arab Banking Corporation (B.S.C.); Morgan Stanley Bank, N.A.; DBS Bank Ltd.; Apple Bank for Savings; Oversea-Chinese Banking Corporation Limited; Stifel Bank & Trust; U.S. Bank National Association; Crédit Industriel et Commercial; Taiwan Business Bank, Los Angeles Branch; CIT Bank, N.A.; Liberty Bank; Woodforest National Bank; and The Governor and Company of the Bank of Ireland. On April 29, 2021, 39 lenders entered into 6th Amendment in which they extended the maturity to May 5, 2025 and increased the total commitment to $6,405,797,413.74. ICBC is no longer in the syndicate. While Bank of China (Record ID#106629), Bank of Communications (Record ID#106630), and China Construction Bank (Record ID#106631) contributed to the loan, the following banks also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; MUFG Bank, Ltd.; BMO Harris Bank N.A.; Citibank, N.A.; Fifth Third Bank, National Association; Mizuho Bank, Ltd.; Societe Generale; Truist Bank; Wells Fargo Bank, N.A.; The Toronto-Dominion Bank, New York Branch; Royal Bank of Canada; Deutsche Bank AG, New York Branch; Goldman Sachs Bank USA; NatWest Markets Plc; Regions Bank; Santander Bank, N.A.; Citizens Bank, N.A.; KeyBank National Association; Arab Banking Corporation (B.S.C.); CIBC Bank USA; BNP Paribas; DBS Bank Ltd.; Morgan Stanley Bank, N.A.; CIT Bank, N.A.; Bank of the West; Apple Bank for Savings; Banco Santander, S.A., New York Branch; Oversea-Chinese Banking Corporation, Los Angeles Agency; Stifel Bank & Trust; U.S. Bank National Association; Crédit Industriel et Commercial, New York Branch; Chang Hwa Commercial Bank, Ltd., New York Branch; Woodforest National Bank; and The Governor and Company of the Bank of Ireland. On April 26, 2022, 44 lenders entered into 7th Amendment in which they extended the maturity to May 5, 2026 and increased the total commitment to $7,065,000,000. While ICBC (Record ID#106632), Bank of China (Record ID#106633), Bank of Communications (Record ID#106634), and China Construction Bank (Record ID#106635) contributed to the loan, the following banks also participated: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; MUFG Bank, Ltd.; BMO Harris Bank, N.A.; Citibank, N.A.; Deutsche Bank AG, New York Branch; Fifth Third Bank, National Association; Mizuho Bank, Ltd.; Société Générale; The Toronto-Dominion Bank, New York Branch; Truist Bank; Wells Fargo Bank, N.A.; Royal Bank of Canada; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; Citizens Bank, N.A.; Goldman Sachs Bank USA; NatWest Markets Plc; Regions Bank; Santander Bank, N.A.; Scotiabank (Ireland) DAC; BNP Paribas; KeyBank National Association; CIBC Bank USA; DBS Bank Ltd.; Morgan Stanley Bank, N.A.; First-Citizens Bank & Trust Company (successor to CIT Bank, N.A.); Bank of the West; Apple Bank for Savings; Banco Santander, S.A., New York Branch; Oversea-Chinese Banking Corporation Limited, Los Angeles Agency; Stifel Bank & Trust; UMB Bank n.a.; City National Bank; Taiwan Business Bank, Los Angeles Branch; Crédit Industriel et Commercial, New York Branch; Pacific Premier Bank; Land Bank of Taiwan, New York Branch; Mega International Commercial Bank Co., Ltd., New York Branch; and Taiwan Cooperative Bank, Seattle Branch. On April 25, 2023, 53 lenders entered into 8th Amendment in which they extended the maturity to May 5, 2027 and increased the total commitment to $7,537,497,414. While ICBC (Record ID#106636) Bank of China (Record ID#106637), Bank of Communications (Record ID#106638), China Construction Bank (Record ID#106639) and Agricultural Bank of China (Record ID#106640) contributed to the loan, the following banks also participated: JPMorgan Chase Bank, N.A.; Banco Santander, S.A., New York Branch; Bank of America, N.A.; BMO Harris Bank, N.A.; BNP Paribas; Citibank, N.A.; Deutsche Bank AG, New York Branch; Fifth Third Bank, National Association; Lloyds Bank Corporate Markets plc; Mizuho Bank, Ltd.; MUFG Bank, Ltd.; Scotiabank (Ireland) DAC; Société Générale; The Toronto-Dominion Bank, New York Branch; Truist Bank; Wells Fargo Bank, N.A.; Royal Bank of Canada; Banco Bilbao Vizcaya Argentaria, S.A., New York Branch; Citizens Bank, N.A.; Goldman Sachs Bank USA; NatWest Markets Plc; Regions Bank; Arab Banking Corporation, B.S.C., New York Branch; CIBC Bank USA; The Huntington National Bank; U.S. Bank National Association; First-Citizens Bank & Trust Company (successor by merger to CIT Bank, N.A.); Oversea-Chinese Banking Corporation Limited, Los Angeles Agency; Morgan Stanley Bank, N.A.; UMB Bank n.a.; Crédit Industriel et Commercial, New York Branch; Pacific Premier Bank; DBS Bank Ltd.; Apple Bank for Savings; Taiwan Business Bank, Los Angeles Branch; Land Bank of Taiwan, NY Branch; Mega International Commercial Bank Co., Ltd., New York Branch; Taiwan Cooperative Bank, Seattle Branch; Chang Hwa Commercial Bank, Ltd., New York Branch; Woodforest National Bank; The Governor and Company of the Bank of Ireland; Commonwealth Bank of Australia; Banco de Sabadell, S.A., Miami Branch; Liberty Bank; and ABN AMRO Capital USA LLC.
Staff comments
1. Air Lease Corporation (ALC) is a leading global aircraft leasing company headquartered in Los Angeles, California. It provides leasing and financing solutions to airlines worldwide and manages a fleet of aircraft primarily from major manufacturers such as Boeing and Airbus. 2. AidData estimates the interest rate by adding the 6-month average LIBOR rate in May 2019 and an applicable margin (BBB or 1.05%). 3. The individual contributions of the 39 lenders to this $6.06 billion USD syndicated loan are unknown. For the time being, AidData has estimated the contribution of the banks by assuming that each lender contributed an equal amount ($155390959.33 USD) to the loan syndicate.