Fly Leasing has re-priced its 2012 term loan, reducing its interest rate by one per cent to 3.5 per cent, plus LIBOR. In addition, the LIBOR floor has been reduced by 0.25 per cent to one per cent. "This is the second re-pricing of our 2012 term loan, demonstrating our active approach to managing our capital structure. The transaction will lower Fly's overall cost of funding, which has been steadily decreasing over the last two years," said Colm Barrington, CEO of the leasing company. Fly will also pay its current term loan lenders a one-time prepayment fee of one per cent of the current outstanding principal of $380m. The transaction is due to close before the end of May 2013.