FLY Leasing closes $395m senior secured term loan

FLY Leasing Limited, a leading global lessor of modern commercial jet aircraft, closed a new $395m senior secured term loan. FLY will use the proceeds from the new loan to refinance its remaining 2012 debt maturities, as well as the outstanding debt under a facility that matures in 2013. The senior secured term loan will be secured by 23 aircraft and will be recourse to FLY. The loan, which will mature in August 2018, will bear interest at LIBOR plus 5.5% with a 1.25% LIBOR floor and is priced at 96% of par value.