International Lease Finance (LFC) reported third quarter 2012 operating income of $39 million, compared to an operating loss of $1.3 billion in the third quarter of 2011, which included $1.5 billion of impairment charges and fair value adjustments. ILFC recognized impairment charges of $98 million in the third quarter of 2012.

During the third quarter of 2012, ILFC recorded rental revenues of $1.1 billion, essentially flat compared to the third quarter of 2011. The decline in rental revenues is due to the re-lease of older aircraft at lower rates and the impact of a higher level of aircraft repossessed early, partially offset by a limited number of new aircraft deliveries and revenues from AeroTurbine, which was acquired by ILFC in the fourth quarter of 2011.

ILFC raised approximately $750 million during the third quarter of 2012 for general corporate purposes, including the repayment of existing indebtedness and the purchase of aircraft, through the issuance of 5.875% unsecured notes due 2022. Further, on October 9, 2012, ILFC entered into a $2.3 billion unsecured three-year revolving credit facility with a group of 10 banks and terminated its existing $2.0 billion revolving credit agreement originally scheduled to expire in 2014.