FLY Leasing Limited (NYSE: FLY) said it has announced the final results of its “modified Dutch auction” tender offer, which expired Wednesday, December 16, 2015.
The tender offer was one component of FLY´s previously announced USD 100 million share repurchase program. The company intends to continue implementing the buyback through open market purchases or in privately negotiated transactions or otherwise, subject to market conditions.
Based on the final count by the tendering agent for the tender offer, FLY accepted for purchase approximately 5,376,344 of FLY´s common shares held in the form of American Depositary Shares at a purchase price of USD 13.95 per share, for a total cost of approximately USD 75,000,000, excluding fees and expenses related to the tender offer.
The repurchased shares represent approximately 13.1 percent of FLY´s outstanding Shares as of December 21, 2015.
Wells Fargo Securities, LLC served as the dealer manager for the tender offer. D.F. King & Co., Inc. served as information agent for the tender offer, and American Stock Transfer & Trust company, LLC served as the tendering agent for the tender offer.
FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. The company acquires and leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. It is managed and serviced by BBAM LP, a worldwide aircraft lease management and financing company.