Fly Leasing Credit Agreement
DUBLIN, Ireland, November 25, 2019 – Fly Leasing Limited (NYSE: FLY) (FLY), the global leader in aircraft leasing, today announced that it has revalued its $385 million term loan. The interest rate of the modified loan is LIBOR increased by 1.75%, i.e. a reduction of 0.25% in the margin. In addition, the duration has been extended by more than two years, from February 2023 to August 2025. In combination with the extension, FLY paid a one-time fee of 0.25% OID to the lenders. Fly Leasing (FLY), the world leader in aircraft leasing, has concluded a new loan of $180 million (the 2020 term loan). The interest rate on the five-year loan is LIBOR plus 6.00%, with a LIBOR floor of 1.00%. About FLYFLY is a global aircraft leasing company with a fleet of modern, high-demand, fuel-efficient commercial aircraft. FLY leases its aircraft to a large number of airlines around the world under multi-year operating leases. FLY is managed and maintained by BBAM LP, a world leader in aircraft leasing management and financing.
For more information, see www.flyleasing.com. DUBLIN, Oct. 15, 2020 /PRNewswire/ — Fly Leasing Limited (“FLY”), a global leader in aircraft leasing, today announced that it has completed a new $180 million term loan (the “Term Loan 2020”). The interest rate on the five-year loan is LIBOR plus 6.00%, with a LIBOR floor of 1.00%. The financing was carried out with an initial discount of 4.5%. The 2020 Term Loan is operated by 11 narrow-hull aircraft owned by FLY and its subsidiaries, four of which are uncgested and seven of them are currently funded under the Fly Term Loan 2012. The product is used for general purposes. The financing was carried out with an initial discount of 4.5%.
The 2020 Term Loan is operated by 11 narrow-hull aircraft owned by FLY and its subsidiaries, four of which are uncgested and seven of them are currently funded under the Fly Term Loan 2012. The product is used for general purposes. . “FLY`s strong upward trend, combined with the significant debt reduction and recent appreciation of Standard & Poor`s, contributed to the successful revaluation of FLY`s largest credit facility. We expect annual cash interest savings of nearly $US 1 million,” said Colm Barrington, CEO of FLY. “We are always striving to reduce our borrowing costs while opportunistically increasing debt maturities. Fly will continue to explore other ways to optimize its balance sheet and create value. This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expected, “expected”, “expected”, “expected”, “expected”, “seek”, “seek”, “estimate”, or words of similar importance will be identified and understand, but are not limited to statements about FLY`s future business and financial performance prospects and the accounting impact of the transaction described in this Appendix. Forward-looking statements are based on management`s current expectations and assumptions, which are subject to uncertainties, risks and changes inherent in circumstances that are difficult to predict. Actual results and results may vary significantly as a result of political, economic, commercial, competitive, market, regulatory and other factors and risks. Further information about the factors and risks that may affect FLY`s business can be found in the submissions fly submits from time to time to the Securities and Exchange Commission, including its Annual Report on Form 20-F and its Reports on Form 6-K. .