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Fly Leasing closes term loan expansion

Dublin-based commercial aircraft lessor Fly Leasing Ltd (NYSE: FLY) said it has upsized and amended its 2012 term loan.

The term loan, which had a balance of approximately USD 375m as of September 30 2013 was upsized by USD 105m.

Fly said that the incremental borrowing was priced at 99.75% of the principal amount.

The firm said it will use the net proceeds of approximately USD 102m (net of fees and discounts) to partially finance the acquisition of five aircraft as well as refinance two aircraft with loans maturing in December 2013.

According to Fly, the maturity on the term loan was extended by one year from August 2018 to August 2019 and the maximum loan-to-value was increased from 67.5% to 70.0%.

The transaction is anticipated to close on or about November 21, 2013, subject to customary closing conditions. Fly does not expect any material one-time charges in the fourth quarter related to this transaction.

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