Fly Leasing Limited (NYSE: FLY) said it is commencing its previously announced “modified Dutch auction” tender offer for an aggregate purchase price of up to USD75,000,000 of its common shares held in the form of American Depositary Shares at a price per share not less than USD12.70 and not greater than USD14.25.
The tender offer will expire at 5:00 P.M., New York City time, on Wednesday, December 16, 2015, unless extended by FLY. Tenders of Shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer, in each case, in accordance with the procedures described in the tender offer materials.
FLY said it expects to fund the purchase of Shares in the tender offer with existing cash and cash equivalents. The tender offer will not be conditioned upon any minimum number of Shares being tendered, but will be subject to certain other conditions as indicated in the Offer to Purchase.
Wells Fargo Securities, LLC will serve as the dealer manager for the tender offer. D.F. King & Co., Inc. will serve as information agent for the tender offer, and American Stock Transfer & Trust company, LLC will serve 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. FLY acquires and leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide leader in aircraft lease management and financing.