Three private equity backers of Air Lease Corp. are selling off part of their stakes in an underwritten public offering of more than 10.1 million shares announced late Wednesday.

The shares are owned by affiliates of Ares Management, Leonard Green & Partners, L.P. and WL Ross & Co. The Century City company founded by billionaire Steven Udvar-Hazy said that it is not selling any shares itself, and will not receive any proceeds from the sale.

Air Lease acquires and leases jetliners to airlines around the world. It was founded in 2010 after Udvar-Hazy left his previous company, International Lease Finance Corp. Air Lease went public in 2011, and currently has nearly 100 million shares outstanding with a market cap of $3.4 billion.

Morgan Stanley & Co. and Deutsche Bank Securities Inc. will be joint book-running managers for the offering.

Shares earlier closed down 17 cents, or less than 1 percent, to $32.76 on the New York Stock Exchange, and fell 4.6 percent in after-hours trading.