Fly Leasing (FLY) has repriced its US$385 million term loan. The interest rate on the amended loan is LIBOR plus 1.75%, a 0.25% margin reduction. Additionally, the maturity has been extended by more than two years from February 2023 to August 2025. In conjunction with the extension, FLY paid a one-time fee of 0.25% OID to the lenders.
“FLY’s strong upward trajectory, combined with its significant deleveraging and recent Standard & Poor’s rating upgrade, created the momentum for the successful repricing of FLY’s largest debt facility. We anticipate annual cash interest savings of nearly US$1 million,” said Colm Barrington, CEO of FLY. “We remain committed to reducing our borrowing costs while opportunistically extending debt maturities. FLY will continue to explore other opportunities to optimize its balance sheet and create value.”
