Fly Leasing Limited today announced it has closed a new $180 million Term Loan. The interest rate on the five-year term loan is LIBOR plus 6.00% with a 1.00% LIBOR floor.
The financing was issued at an original issue discount of 4.5%. The 2020 Term Loan will be secured by 11 narrow-body aircraft owned by FLY and its subsidiaries, four of which are unencumbered and seven of which are currently financed in FLY’s 2012 Term Loan. The proceeds will be used for general corporate purposes.
“FLY
is enhancing its liquidity position with the successful completion of a new
$180 million term loan that attracted strong demand from a robust group of
institutional lenders,” said Colm Barrington, CEO of FLY. “FLY does not have
any aircraft orders or other foreseeable capital commitments. Additionally, FLY
only has three aircraft remaining to be remarketed in 2020, representing 2.4%
of net book value.”
Following completion of the financing of the collateral pool under the 2020 Term Loan and the anticipated transfers of certain unencumbered aircraft into the 2012 Term Loan, FLY will have a total of nine unencumbered narrow-body aircraft with a net book value of $204 million.
– eTurboNews | Trends | Travel News
