"Upon completion, the transaction will have a positive impact on [our] liquidity and credit profile and will enable us to continue to focus on our core insurance businesses," AIG CEO Robert Benmosche says, regarding the deal to sell ILFC to AerCap (AER).
AER is paying ~$3B (net to AIG after loan settlements is ~$2.4B) in cash and issuing ~97.5M shares.
AIG will own around 46% of AER's common shares as a result of the deal, and will thus "include ILFCs operating results in continuing operations."
AIG is also providing a $1B revolver. (PR)
AIG +2.8% premarket; AER +17.7% premarket