AIG aircraft leasing unit files for IPO
International Lease Finance Corp., the aircraft-leasing arm of bailed-out insurer American International Group, announced plans Friday to raise up to $100 million through an initial public offering. It has applied to be listed on the New York Stock Exchange.
The Los Angeles-based company said in Securities and Exchange Commission filing that it is putting a 20 percent stake up for sale, and it intends to sell at least 80 percent of the company to the public within three years.
ILFC is the world's largest independent aircraft lessor with more than 1,000 owned or managed aircraft. Customers include brand-name passenger airlines around the world. All-cargo carrier World Airways is also a customer.
So far this year it has placed orders with Airbus and Boeing for 135 new planes.
During the financial crisis in 2008, ILFC was mentioned as a possible divestiture to raise money for troubled AIG, once the world's largest insurance conglomerate. AIG is seeking private capital to repay the government for billions of dollars of financial support.
ILFC has set up a holding company that will own the company and be listed on the stock market. It did not say how many shares it plans to sell or at what price.
