One of the world’s largest aircraft leasing companies is closing the books on one part of the financial industry’s 2008 meltdown.
International Lease Finance Corp. said it is repaying $3.9 billion in loans it received from the Federal Reserve Bank of New York through AIG Funding, part of the American International Group insurance giant that had a leading role in the economic disaster two years ago.
ILFC, the largest aircraft leasing company in the world by value, will use the proceeds from the sale of $4.4 billion in secured and unsecured notes it completed this week. ILFC says the repayment will free up some $10 billion in collateral the company had pledged to the New York Fed.
“This capital raise, combined with the capital raises earlier this year, demonstrates that ILFC is getting stronger with each passing day,” CEO Henri Courpon said. “ILFC has made substantial and impressing progress in dealing with its liquidity needs.”