ILFC refinances $550m secured term loan

International Lease Finance Corporation (ILFC) has closed a new $550m senior secured term loan. The loan will bear interest at LIBOR plus 3.75% per annum with a LIBOR floor of 1.0%, and is priced at 99.5% of par value. It will be secured primarily by a first priority perfected lien on the equity of certain of the Company’s subsidiaries that directly or indirectly own a pool of aircraft and related leases.
ILFC used the proceeds to prepay in full and at par its $550m senior secured loan originally scheduled to mature on March 17, 2016, which bore interest at LIBOR plus 5.0% per annum with a LIBOR floor of 2.0% and was priced at 98% of par value.