International Lease Finance Corp. plans to sell $1.5 billion worth of notes to repay debt and purchase aircraft.

The Century City airplane leasing operation, a subsidiary of insurance company American International Group Inc., said the notes will be sold in two tranches. The first $750 million offering will carry an interest rate of 4.875 percent and come due in 2015, and the second $750 million tranche will pay 5.875 percent and come due in 2019.

ILFC plans to use the money to redeem notes that carry a higher interest rate and come due in 2015, with the remainder of the money for repayment of other debt and aircraft purchases.

The company has a portfolio of more than 1,000 aircraft and commitments to buy 257 new planes.

The notes are unsecured and will not be guaranteed by AIG, the company announcement stated.