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FLY firms pricing on $390 million term loan at Libor plus 450 bps
By Sara Rosenberg
New York, Dec. 12 - FLY Leasing Ltd. set pricing on its roughly $390 million term loan at Libor plus 450 basis points, the tight end of the Libor plus 450 bps to 475 bps talk, according to a market source.
The loan still has a 1.25% Libor floor, a par offer price and 101 soft call protection for one year.
Allocations are expected to go out on Thursday, the source said.
Proceeds are being used to reprice the existing term loan from Libor plus 550 bps with a 1.25% Libor floor.
Citigroup Global Markets Inc. is the lead bank on the deal.
FLY is facing a credit positive event in which it will get about $75 million of new capital.
Onex Corp. has agreed to acquire a 50% stake in BBAM Ltd., which manages FLY's portfolio and of which FLY owns 15%.
As part of the deal, FLY's 15% stake is being acquired and a $25 million equity investment is being made in FLY, which is how the company is getting the roughly $75 million of capital.
FLY is an aircraft lessor with corporate offices in Dublin, Ireland and San Francisco.
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