FLY Leasing Sells Six Aircraft
DUBLIN, March 19, 2013 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global lessor of modern commercial jet aircraft, today announced that it has sold six Boeing 717-200 aircraft manufactured in 2001. The aircraft were acquired by FLY in 2011 as part of a 49-aircraft portfolio transaction.
"The sale of these non-core aircraft will result in a gain over our current book value and generate gross cash proceeds of $17 million," said Colm Barrington, CEO of FLY. "The sale of these older aircraft at a price above our book value once again highlights the value in our portfolio and our commitment to monetizing that value for shareholders. These sales are in line with our strategy of selling non-core aircraft and reinvesting in younger, more popular models to maintain a fleet of modern, fuel-efficient commercial aircraft."
"In addition, the sale of these aircraft continues our successful process of deleveraging the company and generating cash for future acquisitions," added Barrington.
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 and experienced aircraft lease managers. For more information about FLY, please visit our website at www.flyleasing.com.
FLY Leasing Limited
SOURCE FLY Leasing Limited