FLY Leasing has closed a new $332 million secured debt facility with new lenders.
The eight-year facility carries an interest rate of LIBOR plus 165 basis points.
MUFG is acting as sole bookrunner and agent for the deal which was structured with two pari passu tranches: a bank tranche and an institutional tranche.
The lending syndicate included eight banks from Asia, Europe the USA as well as one insurance company; five of which were first-time lenders to the Dublin-based lessor.
The transaction also includes already-approved additional secondary commitments.
"This term loan facility has one of the most competitive borrowing costs in the industry, demonstrating that FLY continues to be an attractive counter-party for a broad group of lenders," says chief executive Colm Barrington in a statement. "The eight-year term is in line with our philosophy of matching our financing terms with our lease term profile."
Last month, FLY Leasing reduced the cost of its 2012 term loan to LIBOR plus 200bps, saving approximately $1 million annually.
This story has been updated with additional details about the lending syndicate and deal structure.