FLY Leasing reprices term loan, cutting interest by 100 basis points

By Jennifer Chiou

New York, May 16 - FLY Leasing Ltd. announced that it has repriced its roughly $385 million term loan dated 2012, bringing the interest rate to Libor plus 350 basis points.

Prior pricing was Libor plus 450 bps.

In addition, the Libor floor has been reduced to 1% from 1.25%, according to a news release.

"This is the second repricing of our 2012 term loan, demonstrating our active approach to managing our capital structure," chief executive officer Colm Barrington said in the release.

"The transaction will lower FLY's overall cost of funding, which has been steadily decreasing over the last two years. Lender support for this transaction is a testimony to FLY's positive operating and financial performance as well as a reflection of the continuing strength of the aircraft leasing sector."

In connection with the repricing, the company will pay lenders a one-time prepayment fee of 1% of the current outstanding principal of $380 million.

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

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