DUBLIN, May 1, 2017 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced that it repriced, extended and upsized its 2012 Term Loan at par. The interest rate on the amended loan will be LIBOR plus 2.25%, a 0.50% reduction from the previous margin, and the LIBOR floor of 0.75% was eliminated. The maturity date of the Term Loan has also been extended from February 2022 to February 2023. In addition, the Term Loan has been upsized by $50 million to refinance four aircraft currently financed under FLY's CBA Facility, which had an aggregate of $54.4 million outstanding as of March 31, 2017 with a weighted average interest rate of 5.47%.
"FLY continues to manage its liability structure opportunistically to drive higher returns while de-risking its financial position," said Colm Barrington, CEO of FLY. "In total, through the repricing and the refinancing, FLY will save approximately $2.5 million of interest expense annually."
FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. FLY leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide leader in aircraft lease management and financing. For more information visit 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
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SOURCE FLY Leasing Limited