June 17, 2009 (FinancialWire) — Babcock & Brown Air Ltd. (NYSE: FLY) said it has closed a $32 million debt facility that is secured by $119 million of its securitization notes, which B&B Air recently purchased for around $58 million. The loan has a final maturity date of August 2012.

Colm Barrington, the CEO of B&B Air said, “To complete the facility, B&B Air leveraged debt repurchases that it had previously funded entirely with equity.”

He said the company also structured the maturity of the debt facility to complement the amortization schedule for the securitization, “thus ensuring the loan profile is in line with our long-term strategic refinancing plans.”

As of June 16, after receipt of net loan proceeds, B&B Air’s unrestricted cash balance was around $64.5 million.

Dublin-based Babcock & Brown Air acquires and leases commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. B&B Air is managed and serviced by aircraft lessor Babcock & Brown Aircraft Management.

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