Air Lease raised $802.5 million in an initial public offering this week and then rose 5.5% on the first day of trading. The Los Angeles-based company, which is led by Steven Udvar-Hazy, originally planned to sell 25 million shares, but boosted that figure and ultimately sold 30.3 million shares. "We're very happy and think it's a good outcome for the whole airline industry and the aircraft lessors," said Udvar-Hazy, chairman and CEO at Air Lease. "It establishes again the credibility of the leasing model as an important facet of airlines' fleet financing."
Steven Udvar-Hazy, former head of American International Group's International Lease Finance, said he is raising capital for an aircraft lessor, Air Lease, he is creating with former ILFC colleague John Plueger. "We're in a quiet period so I can't talk, but it won't be much longer," Udvar-Hazy said. The company will be "huge," he said.
Steven Udvar-Hazy, the founder of International Lease Finance Corp., may leave the company as soon as this week after trying for a year to extricate the aircraft leasing giant from its struggling parent company, American International Group. Some insiders say Udvar-Hazy's departure could be good for the airline industry, which has seen aircraft values wavering due to uncertainty over the future of ILFC. Douglas Steenland, the former CEO of Northwest Airlines, has been named chairman of ILFC.
International Lease Finance Corp. is "very interested" in Bombardier's CSeries narrowbody aircraft, ILF CEO Steven Udvar-Hazy said. The leasing firm has also spoken to Pratt & Whitney about its geared turbofan engine. Udvar-Hazy indicated that ILFC could become the plane's co-launch customer but would like to see more airlines buy the planes.
Aviation executive Stephen Udvar-Hazy is questioning the marketability of the short-range version of Boeing's 787 jetliner. Speaking at the Singapore Air Show, Udvar-Hazy -- CEO of International Lease Finance Corp. -- said the plane cannot efficiently operate in markets outside of Japan because it is too heavy.