Aviation News Online

FLY Leasing reprices, extends and upsizes 2012 term loan

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

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