Fly Leasing agrees to sell 12 aircraft portfolio

Fly Leasing has agreed to sell a portfolio of 12 aircraft, comprised of Airbus A320s and Boeing 737s with an average age of eight years. “These sales are at an aggregate gain to book value, build free cash, reduce leverage, manage lessee concentration and lower the average age of FLY’s fleet,” said Colm Barrington, CEO of Fly. “Fly has a committed pipeline of 21 new A320neo family aircraft that begin delivering later this year and has the capacity to add over $2 billion of assets to its fleet.” Fly has said that it anticipates the sales will generate in excess