FLY LEASING TO ACQUIRE 49 AIRCRAFT

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By TESTCustomwebLP TESTCustomwebLP August 4, 2011 09:03

FLY LEASING TO ACQUIRE 49 AIRCRAFT

FLY Leasing has announced it has entered into an agreement to purchase a $1.4 billion portfolio of 49 aircraft, increasing FLY’s total aircraft under operating lease to more than $3 billion. The aircraft were previously managed by Global Aviation Asset Management, an Australian company. The aircraft are on lease to 23 airlines in 15 countries.

After completing the transaction, FLY will have 109 aircraft on lease to 53 airlines in 29 countries. The purchase price will be fully funded from FLY’s unrestricted cash and the assumption of existing non-recourse debt.

“This is a transformational transaction for FLY, growing our portfolio of modern and fuel-efficient commercial aircraft by more than 80%,” said Colm Barrington, CEO of FLY. “This major acquisition provides FLY with significant benefits: First, it adds 49 modern aircraft to our portfolio, growing FLY’s fleet to a total of 109 aircraft, all of which are currently on lease. Secondly, it increases our EPS and Available Cash Flow and is immediately accretive to both of these measures, and does not require us to issue additional equity or source new debt. Thirdly, it adds 19 new lessees around the world, including some of the industry’s strongest credits, further diversifying our revenues.”

“This is a very compelling acquisition for FLY,” said Steve Zissis, the President and CEO of BBAM. “The aircraft are leased to strong, well-run airlines around the world that will increase FLY’s annualized revenues by over 80 percent to approximately $370 million. The transaction was sourced and negotiated by BBAM and highlights the benefit to FLY of the deep industry relationships BBAM has around the world.”

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By TESTCustomwebLP TESTCustomwebLP August 4, 2011 09:03
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