FLY Leasing Sells Six Aircraft
DUBLIN, March 19, 2013
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
"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
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
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