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FLY Leasing launches $180 million term B at Libor plus 525-550 bps
By Sara Rosenberg
New York, Sept. 30 – FLY Leasing Ltd. held a lender call at 1 p.m. ET on Wednesday to launch a $180 million five-year senior secured term loan B (Ba3/BBB-) that is talked at Libor plus 525 basis points to 550 bps with a 1% Libor floor and an original issue discount of 96 to 97, according to a market source.
The term loan is non-callable for one year, the source said.
RBC Capital Markets is the left lead on the deal.
Commitments are due at 5 p.m. ET on Oct. 7, the source added.
Proceeds will be used for general corporate purposes, to pay transaction related expenses and fees, and to potentially repay existing senior unsecured notes due 2021.
FLY is a Dublin-based aircraft lessor.
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