American Airlines announced today it has entered into a sale-leaseback arrangement with International Lease Finance Corporation
FORT WORTH, Texas, Nov. 9, 2011 /PRNewswire/ -- American Airlines announced today it has entered into a sale-leaseback arrangement with International Lease Finance Corporation (ILFC), a leading international leasing organization and wholly owned subsidiary of American International Group, Inc. (NYSE: AIG), to finance 15 previously-ordered Boeing 737-800 Next Generation aircraft, two of which have been delivered and the remainder of which are scheduled to be delivered to American in 2012.
ILFC will purchase the aircraft from American and immediately lease the aircraft back to American under a sale-leaseback financing arrangement.
"We are pleased to establish a strategic relationship with ILFC," said AMR Chief Financial Officer Bella Goren. "This transaction, which will provide financing for 15 of our new 737-800 aircraft, is an effective means for diversifying our funding sources and we look forward to a long-term partnership with ILFC."
"ILFC is pleased to be able to support American Airlines in this strategic manner," ILFC Chief Executive Officer, Henri Courpron commented. "Our ability to work with one of the largest airlines in the world to execute fleet management decisions is core to our business initiatives."
The financing of each aircraft under this arrangement will be subject to certain terms and conditions.
About American Airlines
American Airlines, American Eagle and the AmericanConnection® carrier serve 260 airports in more than 50 countries and territories with, on average, more than 3,400 daily flights. The combined network fleet numbers more than 900 aircraft. American's award-winning website, AA.com®, provides users with easy access to check and book fares, plus personalized news, information and travel offers. American Airlines is a founding member of the oneworld® alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members and members-elect serve more than 900 destinations with more than 10,000 daily flights to 149 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation. AmericanAirlines, American Eagle, AmericanConnection, AA.com, and AAdvantage are trademarks of American Airlines, Inc. (NYSE: AMR).
ILFC is the world's largest independent aircraft lessor measured by number of owned aircraft. ILFC's portfolio consists of over 1,000 owned or managed aircraft, as well as commitments to purchase 236 new high-demand, fuel-efficient aircraft and rights to purchase an additional 50 such aircraft. www.ilfc.com
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo. www.aig.com
Current AMR Corp. releases can be accessed on the Internet.
The address is http://www.aa.com
SOURCE American Airlines