Air Lease Corp. announced plans to sell $300 million in convertible senior notes, proceeds of which be used to buy aircraft and for general corporate purposes.

After the markets closed on Monday, the Century City aircraft leasing company, which went public in April, said the notes will pay interest semi-annually and be convertible into Class A common stock before they are due in 2018.

The company, founded by billionaire Steven Udvar-Hazy, said it expects to grant initial purchasers an option to purchase up to an additional $45 million in notes. The interest rate, conversion rate and other terms will announced at the time of the offering’s pricing, which the company has not yet set.

Air Lease said it is seeing strong demand for its aircraft due to worldwide airline expansion. Last week, it reported net income of $18.3 million (18 cents per share) on with revenue of $72 million. Analysts had expected profit of 15 cents.

Air Lease closed down 8 cents, or less than 1 percent, to $23.08 on the New York Stock Exchange, prior to the announcement. It fell 1 cent in after-hours trading.

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