FLY Leasing Acquires a New B777-300ER, Agrees to Acquire a B787-8
DUBLIN, July 30, 2013
DUBLIN, July 30, 2013 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"),
a global lessor of modern commercial jet aircraft, today announced that it has
taken delivery of a new Boeing 777-300ER aircraft on a purchase and leaseback
transaction with LATAM Airlines Group ("LATAM"). Additionally, FLY has entered
into a purchase and leaseback agreement with LATAM for a new Boeing 787-8
aircraft scheduled for delivery in September 2013.
FLY financed the B777-300ER with funding from the European bank market and its
own unrestricted cash.
"We are delighted to expand our fleet with the most in-demand wide-body
aircraft on long-term leases to a premier credit," said Colm Barrington, CEO
of FLY. "With the delivery of the B777, FLY has now acquired six aircraft for
approximately $330 million in 2013 and has identified a robust pipeline of
additional acquisitions to meet our ambitious growth target. FLY is well
capitalized to continue its strategy of growing its fleet with young, popular
aircraft via acquisitions that will maximize shareholder value."
LATAM was formed in 2012 by the merger of LAN Airlines S.A. and TAM S.A. It is
now one of the largest airline groups in the world, providing passenger
transport services to approximately 150 destinations in 22 countries.
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, 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 FLY's plans, objectives, expectations and intentions.
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. These factors include, but are
not limited to those described under ''Risk Factors'' beginning on page S-9 of
the preliminary prospectus supplement and the information described under
''Risk Factors'' under the heading ''Item 3. Key Information'' beginning on
page 4 of FLY's Annual Report on Form 20-F for the fiscal year ended December
31, 2012, which is incorporated in the preliminary prospectus supplement by
reference, and any risk factors included or described in FLY's other periodic
reports, and in other information filed with the SEC, from time to time, and
incorporated by reference into the preliminary prospectus supplement. Should
one or more of these risks or uncertainties materialize, or should any of
FLY's assumptions prove incorrect, FLY's actual results may vary in material
respects from those projected in these forward-looking statements. 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
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