FLY Leasing Acquires Four More Aircraft
DUBLIN, June 5, 2014 /PRNewswire/ -- Further expanding its fleet, FLY Leasing Limited (NYSE: FLY), a global lessor of modern commercial jet aircraft, today announced it has acquired four more Next Generation Boeing 737-800 aircraft. The aircraft were manufactured in 2006, 2008 and 2010 (two aircraft) and are on lease to four leading airlines in Europe. The acquisitions were financed from FLY's unrestricted cash.
"We are making steady progress towards meeting our target of growing our fleet by 15% in 2014," said Colm Barrington, CEO of FLY. "We have now acquired eleven aircraft for more than $300 million this year. We continue to be active in the market, focusing on our strategy of selling older aircraft and renewing our fleet with young and popular aircraft that are used by a broad range of airlines worldwide. Meanwhile the airline industry continues to perform strongly, with a reported 6% increase in global airline traffic in the first four months of the year."
FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world's leading aircraft lease managers with more than 20 years of experience. For more information, please visit www.flyleasing.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the FLY's plans, objectives, expectations and intentions. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Further information on the factors and risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our Annual Report on Form 20-F and our Reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
FLY Leasing Limited
SOURCE FLY Leasing Limited