AerCap completes acquisition of ILFC from AIG

AerCap Holdings has completed its previously announced acquisition of International Lease Finance Corporation (“ILFC”) from American International Group, (“AIG”). Under the terms of the agreement, AerCap paid AIG $3.0bn in cash and 97,560,976 AerCap ordinary shares, which represents an approximately 46% ownership position in AerCap’s ordinary share capital. In connection with the acquisition, AerCap Ireland Capital Limited and AerCap Global Aviation Trust, each a wholly-owned subsidiary of AerCap, completed their previously announced offering of $2.6bn aggregate principal amount of senior notes (the “Notes”), consisting of three tranches of varying tenor in a private placement. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by AerCap and certain of its subsidiaries. The net proceeds of the private placement were used to finance part of the consideration payable in connection with the acquisition. AerCap’s new $2.75bn four-year unsecured revolving credit facility became available as of the closing of the acquisition, replacing ILFC’s $2.3bn unsecured revolving credit facility. Additionally, as part of the transaction, AerCap procured from AIG a committed five-year $1.0bn unsecured revolving credit facility.