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Aercap discussions regarding takeover of ILFC points to boost of public market for aircraft leasing sector Back
December 12th: Netherlands-headquartered lessor Aercap has been reported as being in discussions regarding the acquisition of ILFC, one of the leading aircraft lessors, whose destiny has been in play throughout the year, following the postponement of an IPO in the latter months of last year. See: Articles on ILFC in Aviation Finance in 2013.
Bloomberg, usually a reliable source on such matters, is reporting the discussions. It is expected that Aercap would also seek the support of other investors for such a move. The mooted acquisition is understood to be of the nature of a 'reverse takeover'.

Following the stalling of plans to sell the lessor to Chinese investors, discussions of revival of IPO would bring a major leasing asset on to public markets alongside Aircastle, Fly, Aercap and ALC. These four have pioneered the public equity markets as a source of equity funding for the aircraft leasing industry and now have a combined market value of $6.6bn.

They have a total fleet of over 750 commercial aircraft. Using very rough estimates, ILFC could double the stockmarket listed value of the aircraft leasing sector. In 1990 leasing accounted for 12% of the global commercial fleet and that sector was dominated by two lessors - ILFC and GPA. At present the commercial fleet has grown to over 8,000 aircraft, leasing accounts for over 37% of that.

Articles on ILFC in Aviation Finance in 2013:

AIG extends ILFC sale deadline, keeps IPO option open (August 8th):

AIG have extended the deadline to sell up to 90 per cent of its aircraft leasing unit, ILFC, to a consortium of Chinese investors to 31st August. With three earlier deadlines passing without the deal closing AIG have said they will continue to prepare for an IPO of ILFC shares or look for another buyer for the business if the deal falls through.

Q2 lessor results, ILFC deadline passes, as another deal deadline passes AIG may opt to float ILFC. (Aviation Finance (8-2013 )

July 8th: ILFC completed 125 lease transactions in first half of 2012 International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group, Inc. has completed 125 lease transactions during the first half of 2013 according to its latest trading update. Transactions in the period include extensions, new leases of used aircraft as well as placements of new aircraft from ILFC’s aircraft portfolio. 11-07-2013

AIG receives ILFC deposit payment June 5th: American International Group (AIG) said on Wednesday June 5th in a regulatory filing that it had received a payment to acquire its ILFC aircraft leasing subsidiary, equivalent of 10% of the transaction price (approximately $ 230 million).

ILFC IPO would materially expand investor options in aircraft financing Speculation about the giant sale of ILFC, one of the two largest aircraft lessors globally, resurfaces the possibility that it could yet join the stockmarket instead of being sold in a trade sale. Its inclusion would materially expand the range of options open to equity investors in this sector while at the same time deepening the knowledge base of the stock market in aircraft financing. Aviation Finance (6-2013 )

IPO said to potentially value ILFC at $5 billion June 5th: Wells Fargo Securities' Gary Liebowitz says that an initial public offering would value ILFC at $5 billion, only slightly below the $5.28 billion price that has been agreed between AIG and a group of Chinese investors including New China Trust Co. Ltd., China Aviation Industrial Fund and P3 Investments Ltd. 05-06-2013

ILFC prices $550 million of unsecured floating rate senior notes due 2016 May 22nd: International Lease Finance Corporation (ILFC) has priced, and entered into an agreement to issue and sell, subject to certain conditions, $550 million aggregate principal amount of floating rate senior notes due 2016.

ILFC sale extended by a month: 8-K filing May 13th: AIG's divestment of International Lease Finance Corporation to a consortium of Chinese companies, led by New China Trust, New China Life Insurance, and P3 Investments, has been extended by one month according to an amendment to ILFC's 8-K filing to the United State's Securities and Exchange Commission. The 8-K filing says that the deal is now expected to close in the second quarter of 2013.

FLYdocs signs deal With ILFC to provide e-Records services for its fleet April 14th: Staffordshire, UK-based private company FLYdocs has won a contract to provide electronic aircraft records management services for International Lease Finance Corporation (ILFC). The lessor, which has an aircraft portfolio of nearly 1,000, selected FLYdocs’ advanced aviation software solutions to revolutionise its asset records management processes, transform aircraft re-delivery procedures, and deliver a more efficient and paperless office working environment.

ILFC delivers new Boeing 737-800 aircraft to China Airlines April 17th: International Lease Finance Corporation (ILFC) has delivered the first of three new Boeing 737-800 aircraft to China Airlines, boosting the airline’s capacity to expand its flight route network by adding new, modern aircraft to its fleet.

India's High Court supports the departure of ILFC's first aircraft March 25th: International Lease Finance Corporation has been able to successfully remove one its A321 aircraft from India following a decision from Delhi’s High Court on March 15th. Welcoming the development ILFC's chief executive, Henri Courpron, has called for policy revisions in India to ensure the country's aviation sector can continue to access funding for aircraft.

ILFC says it is being 'held hostage' by Indian authorities January 22nd: ILFC has joined in the struggle to retrieve aircraft on lease to Kingfisher Airlines. ILFC says its planes are being 'held hostage' by local government authorities.

ILFC executes 242 lease transactions in 2012 January 21st: ILFC has announced that it secured 242 lease transactions in 2012. These lease transactions include both extensions and new leases for aircraft from ILFC's portfolio, which supports a network of approximately 200 airlines in more than 80 countries. 'This past year represented another critical milestone in our efforts to strengthen ILFC's market position and build on our recent initiatives to advance regional customer support and diversify funding sources around the world,' said ILFC CEO Henri Courpron.

Fitch says ILFC deal 'far from certain' and will not alter industry landscape Fitch has publicly stated that the outcome of a potential sale of AIG's majority stake in ILFC to a consortium of Chinese investors is 'far from certain' and that if it does go ahead, 'Fitch does not believe it will significantly alter the industry landscape in the region.'

Aviation Finance (1-2013 )
Avolon's Dick Forsberg in a 2013 preview article in Aviation Finance expressses doubt that mooted sale of ILFC to consortium of Chinese investors will actually transpire.
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