DUBLIN, July 8, 2013 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a leading global lessor of modern commercial jet aircraft, today announced that it has increased the size of its aircraft acquisition facility from $250 million to $450 million. The facility's availability period has also been extended for two years, followed by a three year term out period to July 2018. The margin on the facility was reduced by 0.50% to 3.25% during the availability period. In addition, two new lenders, EverBank Commercial Finance and Scotiabank, joined the facility.
"We are delighted to have upsized, extended and re-priced our aircraft acquisition facility," said Colm Barrington, CEO of FLY Leasing. "FLY will continue to focus on growing our fleet through acquisitions of the most modern and popular aircraft that are in high demand with airlines around the world."
FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world's leading aircraft lease managers with more than 20 years of experience. For more information about FLY, please visit our website at www.flyleasing.com.Cautionary Statement Regarding Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the use of proceeds of the term loan and the outlook for FLY's future debt maturities, as well as FLY's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.