AeroTurbine plans to keep revolver in place with purchase by ILFC

By Sara Rosenberg

New York, Aug. 3 - AeroTurbine Inc. expects to leave its existing $425 million revolving credit facility in place following its acquisition by International Lease Finance Corp. (ILFC), according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

As of July 31, there was approximately $298.6 million outstanding under the revolver.

Upon entering into the buyout agreement, AeroTurbine amended the revolver to allow for the transaction and to change the maturity date to Dec. 14.

AeroTurbine plans to amend and restate this revolver prior to its maturity.

Under the acquisitiion agreement, International Lease is buying AeroTurbine from AerCap Holdings NV for $228 million.

Closing is expected in the third quarter, subject to customary conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the receipt of the applicable antitrust approvals in certain foreign jurisdictions.

International Lease is a Los Angeles-based leasor and marketer of commercial jet aircraft to airlines. AeroTurbine is a Miami-based company that provides the aviation industry access to a pool of certified aircraft engines, parts and supply chain solutions.

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