Business & Finance
Tue, February 28, 2012
LOS ANGELES--([ BUSINESS WIRE ])--International Lease Finance Corporation (ILFC), the parent company of AeroTurbine, Inc., has increased AeroTurbineas existing senior secured revolving credit facility by $95 million to $430 million. The original facility was entered into on December 9, 2011. ILFC is a wholly owned subsidiary of American International Group, Inc. (NYSE: AIG).
"This additional financing provides AeroTurbine with increased flexibility to secure additional opportunities in the spare parts market and offer differentiated fleet management products and services to airline customers."
ILFC President Fred Cromer commented, aThis additional financing provides AeroTurbine with increased flexibility to secure additional opportunities in the spare parts market and offer differentiated fleet management products and services to airline customers.a
Borrowings under the Credit Agreement will bear interest determined, with certain exceptions, based on LIBOR plus 300 basis points. AeroTurbineas obligations under the Credit Agreement are guaranteed by ILFC and by all of AeroTurbineas subsidiaries (subject to certain exclusions) and are secured by substantially all of the assets of AeroTurbine and of such non-excluded subsidiaries.
About AeroTurbine
AeroTurbine offers the aviation industry access to one of the worldas largest pools of certified aircraft engines, parts, and supply chain solutions. By leveraging our expertise and financial strength, our customers can choose solutions tailored to their operational and financial goals. [ www.aeroturbine.com ]
About ILFC
ILFC is the worldas largest independent aircraft lessor measured by number of owned aircraft. ILFCas portfolio consists of over 1,000 owned or managed aircraft, as well as commitments to purchase 252 new high-demand, fuel-efficient aircraft and rights to purchase an additional 50 such aircraft. [ www.ilfc.com ]
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 and the Tokyo Stock Exchange. [ www.aig.com ]