FLY Leasing closes $385 million aircraft acquisition facility

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DUBLIN, Ireland – FLY Leasing Limited today announced that it has closed a $385 million blind pool aircraft acquisition facility. The facility has a three-year revolving period followed by a three-year term and will bear interest at LIBOR plus 2.00% during the revolving period. The lenders include Commonwealth Bank of Australia New York Branch, MUFG’s banking arm Bank of Tokyo-Mitsubishi UFJ Ltd., New York Life Insurance Company and National Australia Bank. Commonwealth Bank of Australia New York Branch will serve as the Administrative Agent for the facility.

“The completion of this facility provides FLY with the resources to continue to grow its fleet with young, desirable aircraft. Our focus remains on the most popular narrow-body aircraft with the largest user bases,” said Colm Barrington, CEO of FLY. “BBAM sourced and structured the facility, saving FLY significant fees and demonstrating BBAM’s deep value. The syndicate includes two new lending relationships for FLY as we continue to diversify our financing sources.”