Flying Fortress flexes $750 million term loan B to Libor plus 225 bps

By Sara Rosenberg

New York, Dec. 15 – Flying Fortress Inc. reduced pricing on its $750 million term loan B (Baa3/BBB-) due October 2022 to Libor plus 225 basis points from Libor plus 250 bps, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months.

RBC Capital Markets LLC and Bank of America Merrill Lynch are the joint lead arrangers on the deal, and Barclays, BNP Paribas Securities Corp. and Santander are co-arrangers.

Recommitments are due at 10 a.m. ET on Friday, the source said.

Proceeds will be used to amend, extend and reprice an existing term loan B due April 2020 that is priced at Libor plus 275 bps with a 0.75% Libor floor.

Closing is targeted for the week of Dec. 19.

Flying Fortress is a subsidiary of AerCap, a Dublin-based aircraft leasing company.

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