DUBLIN, Ireland, Nov. 12, 2014 /PRNewswire/ -- FLY Leasing Limited ( NYSE: FLY), a global lessor of modern commercial jet aircraft, today announced that it has agreed to sell eight of the 11 Boeing 757 aircraft in its fleet. The sales are expected to close by the end of 2015.
"The sale of these eight older B757 aircraft, averaging 15.7 years of age, will lower the average age of our fleet and substantially reduce our exposure to out-of-production aircraft," said Colm Barrington, CEO of FLY. "The total proceeds from this transaction will exceed the net book values of the aircraft, which continues our record of moving on older aircraft at premiums to net book value. Meanwhile, we will not record any charge or any gain as a result of signing the sale agreements."
"FLY's strategy is to actively manage its fleet, continually selling older aircraft and reinvesting in younger models. FLY is on track to grow its fleet by more than 15% in 2014, and expects similar growth in 2015," 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 aircraft lease managers. 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 outlook for FLY's future business and financial performance. 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, including, but not limited to, the possibility that the contemplated sales will not close during the expected period, or at all. Further information on the factors and risks that may affect FLY's business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and its 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