DUBLIN, March 19, 2013 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global lessor of modern commercial jet aircraft, today announced that it has sold six Boeing 717-200 aircraft manufactured in 2001. The aircraft were acquired by FLY in 2011 as part of a 49-aircraft portfolio transaction.
"The sale of these non-core aircraft will result in a gain over our current book value and generate gross cash proceeds of $17 million," said Colm Barrington, CEO of FLY. "The sale of these older aircraft at a price above our book value once again highlights the value in our portfolio and our commitment to monetizing that value for shareholders. These sales are in line with our strategy of selling non-core aircraft and reinvesting in younger, more popular models to maintain a fleet of modern, fuel-efficient commercial aircraft."
"In addition, the sale of these aircraft continues our successful process of deleveraging the company and generating cash for future acquisitions," added Barrington.
About FLYFLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world's leading and experienced aircraft lease managers. For more information about FLY, please visit our website at www.flyleasing.com.Contact: Matt DallasFLY Leasing Limited+1 203-769-5916 firstname.lastname@example.org SOURCE FLY Leasing Limited
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV