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FLY Leasing ups spread on $180 million term B to Libor plus 600 bps
By Sara Rosenberg
New York, Oct. 8 – FLY Leasing Ltd. increased pricing on its $180 million five-year senior secured term loan B (Ba3/BBB-) to Libor plus 600 basis points from talk in the range of Libor plus 525 bps to 550 bps, according to a market source.
Furthermore, the original issue discount on the term loan widened to 95.5 from talk in the range of 96 to 97, the source said.
As before, the term loan has a 1% Libor floor and is non-callable for one year.
RBC Capital Markets and MUFG are the lead arrangers on the deal.
Proceeds will be used for general corporate purposes, to pay transaction related expenses and fees, and to potentially repay existing senior notes due 2021.
FLY is a Dublin-based aircraft lessor.
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