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FLY Leasing increases term loan B size to $448 million
By Sara Rosenberg
New York, April 21 – FLY Leasing upsized its term loan B due February 2023 to $448 million from $398 million, according to a market source.
As before, price talk on the loan is Libor plus 225 basis points with no Libor floor and a par issue price, and the debt has 101 soft call protection for six months.
RBC Capital Markets is the left lead arranger on the deal.
Proceeds from the $50 million in additional funds will be used to purchase additional aircraft, making the upsizing leverage neutral.
The remaining proceeds will be used to extend an existing term loan from February 2022 and reprice the debt from Libor plus 275 bps with a 0.75% Libor floor.
Commitments are due at 5 p.m. ET on Tuesday, revised from an original deadline of noon ET on Monday, the source added.
FLY is a Dublin-based aircraft lessor.
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