Fly Leasing Closes New $ 180 Million Term Loan
DUBLIN, October 15, 2020 / PRNewswire / – Fly Leasing Limited (NYSE: FLY) (“FLY”), a global leader in aircraft leasing, today announced the closing of a new $ 180 million Term Loan (the “2020 Term Loan”). The interest rate on the five-year term loan is LIBOR plus 6.00% with a LIBOR floor of 1.00%. The financing was issued with an initial 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 them are currently funded by FLY’s 2012 term loan. The product will be used for general corporate purposes.
“FLY strengthens its liquidity position with the successful completion of a new $ 180 million futures which has attracted strong demand from a strong group of institutional lenders, ”said Colm Barrington, CEO of FLY. “FLY has no aircraft orders or other foreseeable capital commitments. In addition, FLY only has three aircraft to remarket in 2020, representing 2.4% of net book value.”
Following the completion of the financing of the collateral pool under the 2020 Term Loan and the planned transfers of certain unencumbered aircraft in the 2012 Term Loan, FLY will have a total of nine unencumbered narrow-body aircraft of a net book value of $ 204 million.
FLY is a global aircraft rental company with a fleet of modern, in-demand and fuel-efficient commercial jets. FLY leases its aircraft under multi-year operating leases to a diverse group of airlines around the world. FLY is managed and maintained by BBAM LP, a global leader in aircraft rental management and finance. For more information visit www.flyleasing.com.
Fly Leasing Limited
SOURCE Fly Leasing Limited