FLY Leasing has re-priced its 2012 Term Loan. The interest rate on the amended loan will be LIBOR plus 2.75%, a 0.75% reduction from the previous margin. In addition, the LIBOR floor will be reduced from 1.00% to 0.75%. As of December 31, 2014, the facility had an outstanding principal balance of $451.5 million and financed 29 aircraft.
“We have now re-priced our 2012 Term Loan for the third time, highlighting our active approach to liability management and our commitment to lowering FLY’s overall cost of funding,” said Colm Barrington, CEO of FLY. “Our secured funding costs have steadily decreased over the last three years as we have actively managed the Company’s capital structure to improve the returns to our stakeholders.”
The transaction is anticipated to close before the end of April 2015, subject to customary closing conditions.