Steven Udvar-Hazy's Air Lease expects to raise as much as $805 million in IPO
Air Lease Corp., the Century City aircraft leasing company started last year by Los Angeles billionaire Steven Udvar-Hazy, said it planned to raise as much as $805 million in its initial public offering.
In a filing with the Securities and Exchange Commission on Monday, the company revealed it was selling 25 million shares of Class A common stock at $25 to $28 per share. Underwriters will have the option to buy up to an additional 3.75 million shares.
Air Lease, also known as ALC, plans to list its shares on the New York Stock Exchange under the symbol "AL." The company did not disclose when the stock sale will take place.
The company, which buys passenger planes and rents them out to airlines, said in January that it was planning an IPO. At that point ALC said it wanted to raise $100 million.
The company said it would use the money to fund its acquisition of commercial aircraft and for general corporate purposes.
Udvar-Hazy, 65, founded ALC in February 2010, less than two weeks after he left Century City-based International Lease Finance Corp., or ILFC, the company he co-founded and grew to be the world's largest airliner-renting enterprise.
Udvar-Hazy set up his new company down the street, recruited other ILFC top executives and within weeks struck a deal with Air Berlin to lease an Airbus A320.
As of March 15, ALC had acquired 46 aircraft, but the firm anticipates growing its fleet to about 100 planes by the end of 2011, according to the SEC filing.
The start-up has announced deals to buy 153 new aircraft through 2017 and 10 more used aircraft. It is leasing planes to 25 airlines in 15 countries.
-- W.J. Hennigan
Photo: Air Lease Corp. President John L. Plueger, left, with John Leahy of Airbus and Air Lease CEO Steven Udvar-Hazy, announce the start-up's multibillion-dollar deal to buy 51 Airbus airliners in July 2010. Credit: Airbus