FLY Leasing Closes $395 Million Senior Secured Term Loan
DUBLIN, Aug. 9, 2012 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a leading global lessor of modern commercial jet aircraft, today announced it closed a new $395 million senior secured term loan. FLY will use the proceeds from the new loan to refinance its remaining 2012 debt maturities, as well as the outstanding debt under a facility that matures in 2013. The senior secured term loan will be secured by 23 aircraft and will be recourse to FLY. The loan, which will mature in August 2018, will bear interest at LIBOR plus 5.5% with a 1.25% LIBOR floor and is priced at 96% of par value.
"With the completion of the new senior secured term loan, FLY now has no significant debt maturities until 2018. This transaction highlights our commitment to de-lever the company and prudently manage refinancing risk," said Colm Barrington, CEO of FLY.
FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY has 108 aircraft on lease to 53 airlines around the world. FLY is managed and serviced by BBAM LP, one of the world's leading aircraft lease managers with more than 20 years of experience. For more information about FLY, please visit our website at www.flyleasing.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the use of proceeds of the term loan and the outlook for FLY's future debt maturities, as well as FLY's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
FLY Leasing Limited
SOURCE FLY Leasing Limited