International Lease Finance Corp. on Thursday said it had received commitments for a $1.3 billion loan which it will use to refinance debt. The company also announced that its chief financial officer had been promoted to president.

The Century City commercial jet aircraft leasing company said the loan was secured from a group of 15 banks in Europe, Asia and North America, and included the right to upsize the transaction by $200 million with commitments from additional lenders. The loan will be funded over the next 12 months and mature in 2018.

The new financing primarily will be used to pay off unsecured and secured bank loans that are due this year and next. It was arranged by Citi and Credit Suisse, with BNP Paribas as an additional joint placement agent.

ILFC, a subsidiary of American International Group Inc. said the transaction improves its overall capital structure through diversification of funding sources. “The participation of such a broad group of lenders is an endorsement of ILFC’s strategic position and vision,” Treasurer Pam Hendry said in a statement.

In a separate announcement, the company said that Alan Lund was retiring as president and Fred Cromer was promoted to succeed him. In addition, Philip Scruggs has been promoted to executive vice president.

Lund will retain his board seat and the title as vice chairman. Cromer, who joined ILFC in 2008, has been CFO since last March, and will retain that job as he heads the corporate finance, planning, and operations departments. Scruggs has been with ILFC 17 years and will continue as chief marketing officer.

“Fred has significant experience in commercial aviation and demonstrated success and expertise in ILFC’s aircraft financing,” Chief Executive Henri Courpron said in a statement. “His leadership and ability to successfully adapt our business through challenging economic times will contribute greatly to ILFC’s strategic future in the industry.”