DUBLIN, Oct. 15, 2020 /PRNewswire/ -- Fly Leasing
Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing,
today announced it has closed 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 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 narrowbody 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 narrowbody aircraft with a net book
value of $204 million.
About FLY
FLY is a global aircraft leasing company
with a fleet of modern, high-demand and fuel-efficient commercial
jet aircraft. FLY leases its aircraft under multi-year operating
lease contracts to a diverse group of airlines throughout the
world. FLY is managed and serviced by BBAM LP, a worldwide leader
in aircraft lease management and financing. For more information
visit www.flyleasing.com.
Contact:
Matt Dallas
Fly Leasing Limited
+1 203-769-5916
ir@flyleasing.com
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SOURCE Fly Leasing Limited