FLY Leasing tender offer oversubscribed

Aircraft leasing company Fly Leasing Limited (NYSE: FLY) has announced the preliminary results of its “modified Dutch auction” tender offer, the company said.

The tender offer was one component of FLY´s previously announced USD100 million share repurchase program, which FLY intends to continue implementing through open market purchases or in privately negotiated transactions or otherwise, subject to market conditions.

Based on the preliminary count by the tendering agent for the tender offer, a total of approximately 11,063,469 of FLY´s common shares held in the form of American Depositary Shares were validly tendered and not validly withdrawn pursuant to the tender offer, including approximately 1,078,288 Shares that were tendered through notice of guaranteed delivery.

The tender offer was oversubscribed. In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the tendering agent, FLY expects to repurchase approximately 5,376,344 Shares at USD13.95 per Share on a pro rata basis, except for tenders of odd lots, which will be accepted in full, for a total cost of approximately USD75,000,000, excluding fees and expenses related to the tender offer.

As such, FLY has determined that the preliminary proration factor for the tender offer is approximately 86.3 percent. The Shares that are expected to be repurchased represent approximately 13.1 percent of FLY´s outstanding Shares as of December 16, 2015.

The number of Shares expected to be purchased in the tender offer, the purchase price and the proration factor referred to above are preliminary and subject to change.

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. It acquires and leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world.