|ILFC PAYS DOWN $2 BILLION IN BANK DEBT|
|Ongoing Financial Progress Provides Flexibility and Future Funding Source Options
Los Angeles, CA, October 7, 2010 -- International Lease Finance Corporation (ILFC), a wholly-owned subsidiary of American International Group, Inc. (NYSE: AIG), today announced the repayment of a $2 billion bank loan.
This bank loan was issued as a revolving line of credit in October 2005 which was unutilized until September 2008 when it was fully drawn. Since that time, ILFC has been able to increase its liquidity position by more than $12.5 billion, through the issuance of debt, extension of debt and sales of aircraft.
ILFC Chief Financial Officer, Fred Cromer, commented, "These funds were borrowed at a time when ILFC was facing uncertainty in the financing markets. All of our banks supported us at a critical time. Now that we are in a much stronger liquidity position we are paying this maturity with cash on hand. This provides our core relationship banks with more flexibility to support us in the future."
ILFC Chief Executive Officer, Henri Courpron, continued, "ILFC's financial position keeps improving. Better access to the financial markets, attracting new talent to complement an outstanding team already in place, and efficient marketing allow us to manage the business in such a way that our industry leadership is without question."
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect ILFC's current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Except for ILFC'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 advanced technology commercial jet aircraft to airlines around the world. ILFC owns a portfolio consisting of approximately 950 jet aircraft.
American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Contact: Paul Thibeau |
ILFC Media Relations