FLY Leasing continues fleet renewal strategy

FLY Leasing Limited (NYSE: FLY) said it has contracted to sell 12 older aircraft from its portfolio for USD240 million.

The sale is anticipated to produce a USD12 million pre-tax gain. In connection with the transaction, FLY anticipates recording USD3 million in non-cash charges relating to debt modification and extinguishment costs.

The aircraft will transfer individually to the new owner, with all transfers expected to be completed by year end. The gain and the associated expenses will be recognized on a pro rata basis at the time of each transfer. The sale is subject to customary closing conditions.

FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. FLY 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.