FLY Leasing lifts coupon on $395 million loan to Libor plus 550 bps

By Sara Rosenberg

New York, Aug. 3 - FLY Leasing Ltd. increased pricing on its $395 million senior secured term loan (B1/BBB-) to Libor plus 550 basis points from Libor plus 500 bps, according to a market source.

In addition, the original issue discount widened to 96 from talk of 98 to 99, the source said.

The loan still has a 1.25% Libor floor and 101 soft call protection for one year.

Other changes made to the loan include setting amortization at 5% per annum, versus no amortization previously.

Recommitments were due at 5 p.m. ET on Friday, the source added.

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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