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Overall Deal of the Year 2011
20 April 2012
ALC
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Deals of the Year
2011
Only 14 months after launching the start-up lessor, Air Lease Corporation (ALC) pulled off the largest aircraft leasing initial public offering (IPO) in history.
Not only did the $923 million deal reopen the IPO market, which had been shut for aircraft lessors since 2007, but also it was the fourth-largest IPO by a US issuer last year.
“It was a high-profile event, particularly in the equity capital markets space, as well as the aircraft leasing sector,†says John Traugott, vice-president, Credit Suisse. “Investors had become a bit jaded by the sector in the downturn, so this was really a marquee IPO to re-engage the buy side.â€
The IPO was not always part of the plan, however.
“We originally capitalized ALC in the spring of 2010 with $1.3 billion,†says Steven Udvar-Hazy, chief executive officer, ALC. “We thought that...
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