Fly Leasing Acquires Two B737-800s and Sells Two Aircraft
DUBLIN, Dec. 13, 2011 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) (FLY), a global lessor of modern commercial jet aircraft, today announced that it has acquired two Boeing 737-800 aircraft, one on lease to Air China and one on lease to Korean Air. The purchase price for both aircraft totaled approximately $62 million, which was financed from FLY's unrestricted cash and new bank debt.
FLY also announced that it has sold two aircraft from its portfolio for a total of $139 million. The aircraft sold were a B777-200ER on lease to KLM and a B737-800 on lease to SpiceJet. Both aircraft were sold at a premium to their net book value.
The purchase of these B737-800s adds two more attractive aircraft on lease to strong credits to FLY's growing portfolio, said Colm Barrington, CEO of FLY. Our ability to finance these purchases with new bank debt also demonstrates the strength and depth of our global banking relationships.
We have sold two aircraft at an attractive premium to book value, generating approximately $10 million of unrestricted cash and reducing our refinancing risk, said Barrington. In particular, the sale of the B777-200ER from the aircraft acquisition facility significantly deleveraged this facility by reducing the amount outstanding by approximately $103 million. Over the last two years, FLY has sold eight aircraft out of its portfolio, all at a premium to book value.
With an attractive fleet and a strong cash reserve, FLY is well positioned to take advantage of further prudent opportunities to grow, added Barrington.
In October, FLY completed the acquisition of a $1.4 billion portfolio of 49 aircraft. FLY now has a fleet of 109 commercial aircraft on lease to 53 airlines in 29 countries.
About FLY
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 about FLY, please visit our website at www.flyleasing.com.
FLY also announced that it has sold two aircraft from its portfolio for a total of $139 million. The aircraft sold were a B777-200ER on lease to KLM and a B737-800 on lease to SpiceJet. Both aircraft were sold at a premium to their net book value.
The purchase of these B737-800s adds two more attractive aircraft on lease to strong credits to FLY's growing portfolio, said Colm Barrington, CEO of FLY. Our ability to finance these purchases with new bank debt also demonstrates the strength and depth of our global banking relationships.
We have sold two aircraft at an attractive premium to book value, generating approximately $10 million of unrestricted cash and reducing our refinancing risk, said Barrington. In particular, the sale of the B777-200ER from the aircraft acquisition facility significantly deleveraged this facility by reducing the amount outstanding by approximately $103 million. Over the last two years, FLY has sold eight aircraft out of its portfolio, all at a premium to book value.
With an attractive fleet and a strong cash reserve, FLY is well positioned to take advantage of further prudent opportunities to grow, added Barrington.
In October, FLY completed the acquisition of a $1.4 billion portfolio of 49 aircraft. FLY now has a fleet of 109 commercial aircraft on lease to 53 airlines in 29 countries.
About FLY
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 about FLY, please visit our website at www.flyleasing.com.