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ILFC's president on buying AeroTurbine
03 August 2011
International Lease Finance Corporation is purchasing part-out company AeroTurbine from AerCap in order to maximise the value of its older aircraft.
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International Lease Finance Corporation
AerCap
International Lease Finance Corporation announced today that it will acquire aircraft part-out company, AeroTurbine from Dutch lessor AerCap. The deal, which has been in the works for several months, is expected to close during the next few months.
ILFC will pay $228 million for AeroTurbine, which will give the California lessor part-out capabilities in order to manage the older aircraft in the fleet.
AerCap will guarantee AeroTurbine's obligations under its $425 million revolving credit facility until December 14, of which approximately $298.6 million was drawn as of July 31. In return, ILFC will provide AerCap with a guarantee of...
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