Company Grows Its Fleet By More Than 80 Percent

FLY Leasing Limited, a global lessor of modern commercial jet aircraft, announced Monday it has completed the acquisition of a $1.4 billion portfolio of 49 aircraft, increasing FLY's fleet to a total of 109 aircraft on lease to 53 airlines in 29 countries.

The purchase price was fully funded from FLY's existing unrestricted cash and the assumption of existing non-recourse debt. BBAM Aircraft Leasing & Management, FLY's manager and servicer, sourced the transaction and acted as financial, technical and asset adviser.

"The acquisition of 49 aircraft is particularly compelling to FLY shareholders for a number of reasons," said Colm Barrington, CEO of FLY. "First, it will be immediately accretive to earnings per share after transaction costs. FLY purchased this portfolio, which increases fleet size by over 80%, solely with existing cash. Additionally, the acquisition diversifies lessee concentration and adds some of the industry's top credits to the portfolio. Finally, this transaction highlights the benefit BBAM provides FLY as its servicer and manager. BBAM exclusively sourced and negotiated this transaction outside of an auction process through its deep industry relationships. Now that we have closed this transaction, FLY will continue to explore options to prudently and strategically grow."

FMI: www.flyleasing.com, www.bbam.com