Aircraft leasing company Fly Leasing Limited (NYSE: FLY) has announced that it has contracted to sell 12 narrowbody aircraft from its portfolio, the company said.
The 12 aircraft have a weighted average age of 10.6 years and an average remaining lease term of 3.2 years.
FLY anticipates the sales will generate in excess of USD 125 million of cash after repaying debt and satisfying other transaction-related expenses. It is expected that the sales will be completed by March 31, 2019.
FLY has 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 LLP, a worldwide leader in aircraft lease management and financing.