Dublin-based Fly Leasing has repriced its $385 million term loan.
The interest rate on the amended loan is LIBOR plus 1.75%, a 0.25% margin reduction.
Additionally, the maturity has been extended by more than two years from February 2023 to August 2025. In conjunction with the extension, FLY paid a one-time fee of 0.25% OID to the lenders.
Colm Barrington, CEO of FLY, said: “FLY’s strong upward trajectory, combined with its significant deleveraging and recent Standard & Poor’s rating upgrade, created the momentum for the successful repricing of FLY’s largest debt facility. We anticipate annual cash interest savings of nearly $1 million.
“We remain committed to reducing our borrowing costs while opportunistically extending debt maturities. FLY will continue to explore other opportunities to optimise its balance sheet and create value.”