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FLY Leasing Increases Credit Line for Aircraft Purchases

Airbus and Boeing might be in line for new orders from aircraft leasing company FLY Leasing (NYSE: FLY  ) , which announced Monday that it has increased the size of its aircraft acquisition facility -- financing for aircraft purchases -- from $250 million to $450 million.

FLY noted that in addition to adding two new lenders, Everbank and Scotiabank, to the group financing its plane purchases, the company has also "upsized, extended and repriced our aircraft acquisition facility," increasing the funds available to buy planes by 40%, lowering its interest rate on these funds by 50 basis points to 3.25%, and extending the time the funds will be made available to it out to July 2018.

Explaining how the funds will be used, CEO Colm Barrington noted in the company press release that "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." Currently, FLY boasts  a fleet split roughly 50-50 between the two major plane builders -- 54 Boeings and 49 Airbus aircraft.


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