LOS ANGELES (AP) — An aircraft leasing subsidiary of insurance conglomerate American International Group Inc. said Tuesday that it has fully prepaid a $750 million secured term loan, lowering the unit's financing costs and cutting the number of aircraft it used as collateral.
International Lease Finance Corp., said it paid the debt on March 23 using money it received from selling new debt on March 19.
The $750 million term loan was scheduled to expire in 2015. It was secured by 45 aircraft and related equipment and leases. On March 19, ILFC issued $750 million in senior notes with the interest rate of 4.875 percent, due in 2015. It also sold $750 million in senior notes with a 5.875 percent interest rate due in 2019.
On Monday, International Lease Finance announced a proposed $550 million senior secured term loan that it will use to refinance an outstanding senior secured term loan worth $550 million. The company said that deal will also reduce its financing costs.
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