Business & Finance
Business and Finance
Business and Finance
Mon, June 6, 2011
Sun, June 5, 2011
Sat, June 4, 2011
Fri, June 3, 2011 International Lease Finance Corporation Announces Preliminary Results of Tender Offer for Certain Outstanding Debt
LOS ANGELES--([ BUSINESS WIRE ])--International Lease Finance Corporation (aILFCa), a wholly-owned subsidiary of American International Group, Inc. (NYSE: AIG) (aAIGa), announced today that as of 5:00 p.m., New York City time on June 2, 2011 (the aEarly Tender Datea), pursuant to its previously announced tender offers to purchase certain of its existing outstanding notes (the aNotesa), ILFC received valid tenders that were not withdrawn from the holders of the following Notes:
Title of Security | CUSIP and ISIN | Aggregate | Acceptance | Tender Offer | Early Tender | Total | Total | % of Total | ||||||||||||||||||||
| Any and All Tender Offers | ||||||||||||||||||||||||||||
4.750% Medium-Term Notes, | 459745FN0 and | $500,000,000 | N/A | $995.00 | $30.00 | $1,025.00 | $293,017,000 | 58.60% | ||||||||||||||||||||
5.400% Medium-Term Notes, | 45974VA99 and | $750,000,000 | N/A | $1,000.00 | $30.00 | $1,030.00 | $386,510,000 | 51.53% | ||||||||||||||||||||
| Maximum Tender Offers | ||||||||||||||||||||||||||||
5.350% Medium-Term Notes, | 45974VB23 and | $600,000,000 | 1 | $1,000.00 | $30.00 | $1,030.00 | $265,020,000 | 44.17% | ||||||||||||||||||||
5.300% Medium-Term Notes, | 45974VB31 and | $850,000,000 | 2 | $1,006.25 | $30.00 | $1,036.25 | $402,560,000 | 47.36% | ||||||||||||||||||||
5.550% Medium-Term Notes, | 45974VA73 and | $300,000,000 | 3 | $1,012.50 | $30.00 | $1,042.50 | $100,658,000 | 33.55% | ||||||||||||||||||||
5.000% Medium-Term Notes, | 459745FR1 and | $300,000,000 | 4 | $1,005.00 | $30.00 | $1,035.00 | $102,093,000 | 34.03% | ||||||||||||||||||||
5.250% Medium-Term Notes, | 45974VZX9 and | $300,000,000 | 5 | $1,007.50 | $30.00 | $1,037.50 | $72,070,000 | 24.02% | ||||||||||||||||||||
6.375% Medium-Term Notes, | 45974VB72 and | $1,000,000,000 | 6 | $1,030.00 | $30.00 | $1,060.00 | $305,100,000 | 30.51% | ||||||||||||||||||||
5.875% Medium-Term Notes, | 459745FG5 and | $600,000,000 | 7 | $1,018.75 | $30.00 | $1,048.75 | $152,360,000 | 25.39% | ||||||||||||||||||||
5.625% Medium-Term Notes, | 45974VA81 and | $850,000,000 | 8 | $1,011.25 | $30.00 | $1,041.25 | $414,958,000 | 48.82% | ||||||||||||||||||||
6.625% Medium-Term Notes, | 45974VB80 and | $750,000,000 | 9 | $1,032.50 | $30.00 | $1,062.50 | $194,420,000 | 25.92% |
| 1 | As of June 2, 2011. | ||
| 2 | For each $1,000 principal amount of Notes (excludes accrued but unpaid interest thereon paid in addition to the Tender Offer Consideration or the Total Consideration, as applicable). | ||
| 3 | For each $1,000 principal amount of Notes tendered prior to the Early Tender Date. | ||
| 4 | Includes the Tender Offer Consideration and the Early Tender Payment. |
The complete terms and conditions of the tender offer for the Notes are detailed in ILFCa™s Offer to Purchase dated May 19, 2011, and the related Letter of Transmittal (the aTender Offer Documentsa).
On June 2, 2011, after the Early Tender Date, ILFC exercised its right to accept for payment all of the 4.750% Medium-Term Notes, Series Q, due January 13, 2012 (the a4.750% Notesa) and the 5.400% Medium-Term Notes, Series R, due February 15, 2012 (the a5.400% Notes,a and together with the 4.750% Notes, the aAny and All Notesa) validly tendered and not withdrawn prior to the Early Tender Date. ILFC settled the payment for such accepted notes on June 3, 2011.
Each holder who validly tendered its 4.750% Notes prior to the Early Tender Date received the total consideration of $1,025.00 per $1,000.00 principal amount of its 4.750% Notes tendered and accepted, which consists of $995.00 as the tender offer consideration and $30.00 as an early tender payment and each holder who validly tendered its 5.400% Notes prior to the Early Tender Date received the total consideration of $1,030.00 per $1,000.00 principal amount of its 5.400% Notes tendered and accepted, which consists of $1,000.00 in tender offer consideration and $30.00 as an early tender payment. In addition, accrued and unpaid interest up to, but not including, the applicable payment date of the Any and All Notes, was paid in cash on all tendered and accepted Any and All Notes. The total cash consideration, including accrued and unpaid interest, for such Any and All Notes was approximately $710.1 million.
The tender offers for the Notes will expire at 11:59 p.m., New York City Time, on June 16, 2011, unless extended by ILFC (such time and date, as the same may be extended, the aExpiration Datea). Because the withdrawal deadline (5:00 p.m. New York City time on June 2, 2011) has passed, tendered Notes may no longer be withdrawn at any time, except in the limited circumstances where required by law described in the Offer to Purchase.
All the conditions set forth in the Tender Offer Documents remain unchanged. If any of the conditions is not satisfied, ILFC may terminate the tender offers and return tendered Notes not previously accepted. ILFC has the right to waive any of the foregoing conditions with respect to the Notes. In addition, ILFC has the right, in its sole discretion, to terminate the tender offers at any time, subject to applicable law.
Barclays Capital Inc. and J.P. Morgan Securities LLC are the Dealer Managers for the tender offers. Questions regarding the tender offers may be directed to Barclays Capital Inc. at (800) 438-3242 (toll-free) or at (212) 528-7581 (collect) and to J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or at (212) 834-4811 (collect).
D.F. King & Co., Inc. is the Depositary and Information Agent for the tender offers. Requests for the Tender Offer Documents may be directed to D.F. King & Co., Inc. at (212) 269-5550 (for brokers and banks) or (800) 949-2583 (for all others).
None of ILFC, its board of directors, the Dealer Managers, the trustees under the indentures governing the Notes, the Depositary, the Information Agent, or any of their respective affiliates makes any recommendation as to whether holders of Notes should tender their Notes, and no one has been authorized to make such a recommendation. Each holder of Notes must make his, her or its own decisions as to whether to tender his, her or its Notes, and, if a Holder determines to tender, as to how many Notes of each maturity to tender. Holders of the Notes should read carefully the Tender Offer Documents and related materials before any decision is made with respect to the tender offers.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes subject to the tender offers or any other securities, nor shall there be any offer, solicitation or sale of such securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
Forward Looking Statements
This press release contains aforward-looking statementsa within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements related to the expected payment dates and amounts for the Notes in the tender offers. These forward-looking statements reflect ILFCa™s current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Except for ILFCa™s ongoing obligation to disclose material information as required by federal securities laws, it does not intend to update you concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date hereof.
About ILFC
ILFC is the international market leader in the leasing and remarketing of commercial jet aircraft to airlines around the world. The people of ILFC have a strong commitment to aviation and its role in building relationships across the globe that drive innovation, prosperity, and understanding. ILFC currently owns a portfolio consisting of approximately 930 jet aircraft.
About AIG
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
