FLY Leasing has repriced, extended and upsized its 2012 Term Loan at par. The interest rate on the amended loan will be LIBOR plus 2.25%, a 0.50% reduction from the previous margin, and the LIBOR floor of 0.75% was eliminated. The maturity date of the Term Loan has also been extended from February 2022 to February 2023. In addition, the Term Loan has been upsized by $50 million to refinance four aircraft currently financed under FLY’s CBA Facility, which had an aggregate of $54.4 million outstanding as of March 31, 2017 with a weighted average interest rate of 5.47%.
“FLY continues to manage its liability structure opportunistically to drive higher returns while de-risking its financial position,” said Colm Barrington, CEO of FLY. “In total, through the repricing and the refinancing, FLY will save approximately $2.5 million of interest expense annually.”Date: May 2, 2017