BURLINGAME, Calif., June 3, 2014 /PRNewswire/ -- AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, today announced that it has closed a new revolving credit facility. The $180 million credit facility replaces the Company's former $130 million facility and can be expanded to $200 million. The facility has a five-year term ending on May 30, 2019. The credit facility syndication was led by Union Bank, N.A. as Sole Lead Arranger, Sole Bookrunner and Administrative Agent. U.S. Bank N. A. and California Bank & Trust acted as Co-Documentation Agents.
"We are very pleased with the addition of a new participant to our lending group and the confidence demonstrated by our existing lenders, all of which increased their positions entering into this new facility," said Neal Crispin, President of AeroCentury.
AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.
SOURCE AeroCentury Corp.