FLY Leasing Announces 2013 Transactions
DUBLIN, Jan. 29, 2014
DUBLIN, Jan. 29, 2014 /PRNewswire/ --FLY Leasing Limited (NYSE: FLY) ("FLY"),
a leading global lessor of modern commercial jet aircraft, today announced the
completion of the following transactions during 2013:
oSigned agreements to lease 36 aircraft
oPurchased 14 aircraft, including one A320, eleven B737-NGs, one B777-300ER
and one B787-8
oSold ten aircraft (average age 13.6 years) for a net gain of $6.3 million
oSecured $1.1 billion of debt financing
oRaised $173 million of new equity capital
oIncreased portfolio to 113 aircraft at year end
"We actively managed the portfolio in 2013, acquiring 14 aircraft and selling
ten older aircraft, which increased our fleet size and lowered its average
age," said Colm Barrington, CEO of FLY. "We also raised $173 million in equity
capital and $1.1 billion in debt financing, putting the Company in a strong
position to grow further in 2014. After achieving our growth objectives for
the year, we increased the quarterly dividend by 14% to $0.25 per share, which
we believe also demonstrates our confidence in the Company's outlook."
"Looking forward into 2014, we are well on the way to meeting our previously
announced growth target of 10-15%, with an identified pipeline of
approximately $200 million of acquisitions in the early part of 2014," added
FLY has a fleet of 113 aircraft on lease to 62 airlines in 34 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 about FLY, please visit our website at
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. 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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