FLY Leasing launches $395 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, July 19 - FLY Leasing Ltd. launched its $395 million senior secured term loan with price talk of Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 98 to 99 on Thursday, according to a market source.

The loan has 101 soft call protection for one year, the source said.

Commitments are due on July 26.

Citigroup Global Markets Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC and Jefferies & Co. are the lead banks on the deal.

Security is 23 aircraft.

Proceeds will be used to refinance remaining 2012 debt maturities, as well as outstanding debt under a facility that matures in 2013.

FLY is an aircraft lessor with corporate offices in Dublin, Ireland, and San Francisco.

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