Global Aircraft Leasing Sells $1.1 Billion of Junk Bonds.

Global Aircraft Leasing Co. has raised $1.1 billion in the junk-bond market to refinance debt that is due next month. The senior secured bonds have a unique three-year structure and can be repaid after one-and-a-half years. The bonds were priced at a yield of 8.75%, lower than earlier discussions. The proceeds, along with $990 million of shareholder equity, will be used to refinance senior toggle notes that mature in September. Global Aircraft Leasing is a unit of Beijing-based Bohai Leasing Co. [Extracted from the article]