Fly Leasing completes $295 million Sale of 12 Aircraft

Aircraft leasing firm Fly Leasing has completed the sale of 12 aircraft for approximately $295 million. The portfolio included Airbus A320 and Boeing B737 narrow-body aircraft with an average age of over 10 years. “This portfolio sale accomplishes several strategic objectives; including generating free cash, reducing leverage, reducing our lessee concentration, and lowering the average age of our fleet,” said Colm Barrington, CEO of FLY. “This is another example of how FLY has consistently sold aircraft from its portfolio at premiums to book value, underscoring the strong value of our fleet.” Three sales were included in the company’s fourth quarter