FLY Leasing Ltd. Extends Loan Facility - Quick Facts

(RTTNews) - FLY Leasing Limited (FLY) announced that it has entered into an agreement to amend and extend its BOS Facility, a limited recourse debt facility.

The company noted that at September 30, 2013, the facility had a balance of $209 million secured by nine aircraft.

The company said the amended facility will provide loans to FLY subsidiaries secured by seven aircraft, with six loans maturing in seven years and one in six years. The facility will be guaranteed by FLY. The two remaining aircraft are expected to be sold in the first quarter of 2014.

In connection with the transaction, the lenders will extinguish about $35 million of debt and FLY will contribute approximately $20 million of unrestricted cash to repay debt. The new facility will have a balance at closing of approximately $127 million.

The amendment is expected to close on or about November 19, 2013.