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American International Group Inc.’s aircraft leasing unit has been approved to participate in the U.S. Federal Reserve’s commercial paper funding facility.

International Lease Finance Corp, in a filing with the U.S. Securities and Exchange Commission, said it was approved to issue up to $5.7 billion of commercial paper.

As of October 30 it had issued about $1.7 billion, and plans to use proceeds to repay certain intercompany loans from ÌìÃÀÍøÕ¾´«Ã½´«Ã½.

Insurer ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Thursday said four affiliates had applied to take part in the commercial paper facility.

ILFC’s commercial paper will be due Jan. 28, and has a lending rate of 2.78 percent.

The company said it expects to refinance the commercial paper when it matures, subject to the terms and conditions of the funding facility.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ — crippled by bad mortgage bets– is scrambling to sell off parts of its business to repay a $85 billion government loan.

As part of that, the company plans to sell off ILFC, one of its most profitable units.

(Reporting by Lilla Zuill; editing by Carol Bishopric)

Topics Mergers & Acquisitions Aviation ÌìÃÀÍøÕ¾´«Ã½´«Ã½