FLY Leasing Sells Four Older Aircraft
DUBLIN, June 12, 2014
DUBLIN, June 12, 2014 /PRNewswire/ --FLY Leasing Limited (NYSE: FLY), a
global lessor of modern commercial jet aircraft, today announced it has sold
four aircraft from its portfolio. The four aircraft have an average age of 14
years and the sales will further reduce the age of FLY's fleet. The sales
generated a gain over FLY's net book value.
FLY Leasing Limited logo.
"Selling four older aircraft at premiums to net book value again underscores
the value in our portfolio and demonstrates our ability to monetize a range of
aircraft types and ages," said Colm Barrington, CEO of FLY. "Divesting older
assets and investing in young and popular models is an integral part of our
business strategy. We intend to reinvest the proceeds of these sales in
attractive aircraft to achieve our growth targets."
FLY has now sold five aircraft in the second quarter.
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. Further information on the
factors and risks that may affect our business is included in filings we make
with the Securities and Exchange Commission from time to time, including our
Annual Report on Form 20-F and our Reports on Form 6-K. 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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