ILFC pays down USD2bn in bank debt
ILFC announced (07-Oct-2010) the repayment of a USD2 billion bank loan. This bank loan was issued as a revolving line of credit in Oct-2005 which was not utilised until Sep-2008 when it was fully drawn. Since that time, ILFC has been able to increase its liquidity position by more than USD12.5 billion, through the issuance of debt, extension of debt and sale of aircraft. [more]
ILFC: “These funds were borrowed at a time when ILFC was facing uncertainty in the financing markets. All of our banks supported us at a critical time. Now that we are in a much stronger liquidity position we are paying this maturity with cash on hand. This provides our core relationship banks with more flexibility to support us in the future,” Fred Cromer, CFO. Source: Company Statement, 07-Oct-2010.