FLY Leasing Upsizes and Amends 2012 Term Loan
DUBLIN, Nov. 18, 2013 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global lessor of modern commercial jet aircraft, today announced it upsized and amended its 2012 Term Loan. The Term Loan, which had a balance of approximately $375 million as of September 30, 2013, was upsized by $105 million. The incremental borrowing was priced at 99.75% of the principal amount. FLY will use the net proceeds of approximately $102 million (net of fees and discounts) to partially finance the acquisition of five aircraft as well as refinance two aircraft with loans maturing in December 2013.
The maturity on the Term Loan was extended by one year from August 2018 to August 2019 and the maximum Loan-to-Value ("LTV") was increased from 67.5% to 70.0%.
"FLY continues to manage its liability structure in an aggressive manner, taking every opportunity to extend its debt maturities, de-risk its financing profile and secure attractive, long-term financing to fund our growth through asset acquisitions," said Colm Barrington, CEO of FLY.
The transaction is anticipated to close on or about November 21, 2013, subject to customary closing conditions. FLY does not expect any material one-time charges in the fourth quarter related to this transaction.
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 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 outlook for FLY's future business and financial performance and the financial and accounting impact of the transaction described herein. 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