Aircraft leasing pioneer Steven Udvar-Hazy disclosed Thursday the formation of Air Lease Corp., a new Century City-based jet leasing venture.

Air Lease Corp., or ALC, has secured $3.3 billion in financing and plans to buy more than 100 commercial planes by spring of next year. "ALC is committed to helping shape the future of the aviation industry," Udvar-Hazy said in a statement. "We look forward to working with the leading global airlines as they modernize their fleets."

The announcement comes 37 years after he co-founded International Lease Finance Corp., which is now owned by AIG. Udvar-Hazy left the company in February.

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