Fly Leasing to Sell 12 Aircraft
DUBLIN, Ireland, July 8, 2019 – 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.