DUBLIN, May 16, 2013 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global lessor of modern commercial jet aircraft, today announced a further re-pricing of its 2012 Term Loan. The interest rate on the amended loan will be LIBOR plus 3.50%, a 1.00% reduction from the previous interest rate. In addition, the LIBOR floor has been reduced to 1.00%, a reduction of 0.25%.
"This is the second re-pricing of our 2012 Term Loan, demonstrating our active approach to managing our capital structure. The transaction will lower FLY's overall cost of funding, which has been steadily decreasing over the last two years. Lender support for this transaction is a testimony to FLY's positive operating and financial performance as well as a reflection of the continuing strength of the aircraft leasing sector," said Colm Barrington, CEO of FLY.
In conjunction with the re-pricing, FLY will pay its current Term Loan lenders a one-time prepayment fee of 1.00% of the current outstanding principal of $380 million. The transaction is anticipated to close before the end of May 2013, subject to customary closing conditions.
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