DUBLIN, July 8, 2019 /PRNewswire/ -- Fly Leasing
Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing,
today announced that it has contracted to sell a portfolio of 12
aircraft, comprised of Airbus A320s and Boeing 737s with an average
age of eight years.
"These sales are at an aggregate gain to book value, build free
cash, reduce leverage, manage lessee concentration and lower the
average age of FLY's fleet," said Colm
Barrington, CEO of FLY. "FLY has a committed pipeline of 21
new A320neo family aircraft that begin delivering later this year
and has the capacity to add over $2
billion of assets to its fleet."
FLY anticipates the sales will generate in excess of
$125 million of cash after repaying
debt related to the aircraft and satisfying other transaction
expenses. The sales are expected to be completed in the third
quarter of 2019. Following the sales, FLY's fleet will comprise 86
aircraft with a weighted average age of approximately seven years
and on lease to 39 airlines in 21 countries.
About FLY
FLY is a global aircraft leasing company
with a fleet of modern, high-demand and fuel-efficient commercial
jet aircraft. FLY leases its aircraft under multi-year operating
lease contracts to a diverse group of airlines throughout the
world. FLY is managed and serviced by BBAM LP, a worldwide leader
in aircraft lease management and financing. For more information
visit www.flyleasing.com.
Contact:
Matt Dallas
Fly Leasing Limited
+1 203-769-5916
ir@flyleasing.com
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SOURCE Fly Leasing Limited