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ILFC Seeks $550 Million Term Loan to Refinance Debt

March 27, 2012, 07:15 AM
Filed Under: Industry News
Related: AIG, Aircraft, Aviation, ILFC

Bloomberg Businessweek reported that International Lease Finance Corp., the aircraft lessor owned by American International Group Inc., is seeking a four-year $550 million senior secured term loan.
According to the report, the proceeds from the debt will be used to refinance the company’s outstanding $550 million term loan. Lenders on the new term loan are being offered one-year soft-call protection of 101 cents, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first year, according to a person familiar with the transaction.
ILFC’s existing term loan due in March 2016 pays interest at 5 percentage points more than the LIBOR rate with a 2% minimum on the benchmark, according to data compiled by Bloomberg.

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