Onex to Acquire a 50% Stake in BBAM for $165 Million and to

Onex to Acquire a 50% Stake in BBAM for $165 Million and to Invest
$25 Million in FLY in Partnership with BBAM Management Team 
(Marketwire) -- 12/03/12 --  
All amounts in U.S. dollars unless otherwise stated  
Onex Corporation ("Onex") (TSX:OCX) today announced that it has
agreed to acquire a 50% interest in BBAM, the world's third largest
manager of commercial jet aircraft, for $165 million. The transaction
is expected to close by the end of 2012 subject to certain conditions
and approvals.  
Onex will acquire a 35% interest in BBAM from BBAM's management team
and a 15% interest in BBAM from FLY Leasing Limited ("FLY")
(NYSE:FLY), a leading global lessor of commercial jet aircraft
managed by BBAM with 110 aircraft on long-term operating leases to 53
airlines in 29 countries.  
Onex and BBAM management will also invest a further $25 million in
newly issued shares of FLY at $11.41 per share. In total, FLY will
receive approximately $75 million in pre-tax gross proceeds from the
sale of its interest in BBAM and the issuance of new FLY shares. 
"We're very pleased to be partnering with Onex given its track record
and experience in our industry," commented Steve Zissis, Chief
Executive Officer of BBAM.
 "With Onex' backing, we intend to
strengthen our market presence, including in particular our unique
26-year partnership with Nomura Babcock & Brown in Japan, while at
the same time accelerating growth at FLY." 
Colm Barrington, Chief Executive Officer of FLY, said, "These
transactions will generate both significant unrestricted cash for new
investments and produce gains on the sale of FLY's investment in
"BBAM is a unique platform in a market we followed closely for
several years. We see great opportunity ahead with Steve and his team
at BBAM," said Tawfiq Popatia, an Onex Principal.  
About Onex 
With offices in Toronto, New York and London, Onex is one of the
oldest and most successful private equity firms. Onex acquires and
builds high-quality businesses in partnership with talented
management teams. The Company has approximately $14 billion of assets
under management, including $4.8 billion of proprietary capital, in
private equity, credit securities and real estate. Onex invests its
proprietary capital directly and as a substantial limited partner in
its Funds.  
Onex' businesses have assets of $39 billion, generate annual revenues
of $34 billion and employ approximately 235,000 people worldwide.
Onex shares trade on the Toronto Stock Exchange under the stock
symbol OCX. For more information on Onex, visit its website at The Company's security filings can also be accessed at 
About BBAM 
BBAM is a leading player in commercial aircraft leasing, financing
and management providing over 200 airline customers in more than 50
countries with fleet and financing solutions over its 20+ year
history. In addition, BBAM provides asset management services to
leasing companies, aviation investors and financial institutions
covering more than 450 aircraft valued in excess of $13 billion. For
more information about BBAM, please visit its website at 
About FLY 
FLY is a leading global aircraft lessor. 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. For more information about FLY, please visit
its website at 
Forward-Looking Statements 
This news release may contain forward-looking statements that are
based on management's current expectations and are subject to known
and unknown uncertainties and risks, which could cause actual results
to differ materially from those contemplated or implied by such
forward-looking statements. Onex, BBAM and FLY are under no
obligation to update any forward-looking statements contained herein
should material facts change due to new information, future events or
Onex Corporation
Emma Thompson
Vice President, Investor Relations
FLY Leasing Limited
Matt Dallas
Investor Relations
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