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Air Lease announces secondary stock offering

LOS ANGELES (AP) -- Air Lease Corp. is announcing a secondary offering of 8 million shares of its common stock by some of its shareholders.

The Los Angeles company, which leases planes to various airlines, said Tuesday that it is not selling any shares in the offering and won't receive any proceeds from it. Its total number of outstanding shares won't change.

Those selling Air Lease shares include affiliates of Ares Management LLC, Leonard Green & Partners L.P. and WL Ross & Co. The underwriters are expected to be given a 30-day option to buy up to an additional 1.2 million shares from the selling stockholders.

Air Lease shares finished at $28.89 on Friday. Its shares have traded in a range of $18.45 to $31 over the past year.