FLY Leasing Closes $395MM Senior Secured Term Loan
FLY Leasing said it closed a new $395 million senior secured term loan. FLY will use the proceeds from the new loan to refinance its remaining 2012 debt maturities, as well as the outstanding debt under a facility that matures in 2013. The senior secured term loan will be secured by 23 aircraft and will be recourse to FLY. The loan, which will mature in August 2018, will bear interest at LIBOR plus 5.5% with a 1.25% LIBOR floor and is priced at 96% of par value.
“With the completion of the new senior secured term loan, FLY now has no significant debt maturities until 2018. This transaction highlights our commitment to de-lever the company and prudently manage refinancing risk,” said Colm Barrington, CEO of FLY.