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Fly Leasing secures $332M term loan facility

FLY Leasing Ltd. has secured a term loan facility that provides for loans and notes of about $331.8 million, with a final maturity date of Dec. 8, 2025.

The facility has an eight-year term and will bear interest at London Interbank Offered Rate plus 1.65% per year. The interest rate on the notes issued under the facility is a fixed rate of 3.93% per year.

The company will use proceeds from the facility to finance nine aircraft with an initial loan-to-value ratio of less than or equal to 75.0%.

Bank of Tokyo-Mitsubishi UFJ Ltd. will serve as administrative agent for the facility.