ILFC repays $2bn loan

London
Source:
This story is sourced from Pro
See more Pro news »

International Lease Finance Corporation (ILFC) has repaid a $2 billion bank loan.

The loan was issued as a revolving line of credit in October 2005, which was not utilised 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's chief financial officer Fred Cromer, comments: "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's chief executive Henri Courpron adds: "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."

In August, ILFC repaid $3.9 billion of loans backed by the U.S. government three years early after raising new debt from investors. The lessor issued $1.35 billion in aggregate principal amount of 6.5% senior secured notes due 2014, $1.275 billion in aggregate principal amount of 6.75% senior secured notes due 2016, and $1.275 billion in aggregate principal amount of 7.125% senior secured notes due 2018.