FLY Leasing Announces 47% Reduction in Annual BBAM Management Fee
DUBLIN, June 22, 2015 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced that its annual management fee payable to BBAM, FLY's manager and servicer, has been reduced from $10.7 million per annum to $5.7 million per annum, or 47%, in connection with the sale of a portfolio of aircraft announced separately today.
"The fee reduction reflects BBAM and FLY's aligned goal of maximizing returns for FLY's stakeholders," said Colm Barrington, CEO of FLY. "FLY receives tremendous advantages and economies of scale through its partnership with BBAM. As the world's third largest manager of commercial leased aircraft with an established 25-year track record, BBAM provides FLY with global breadth, depth and experience."
"BBAM remains committed and focused on creating value for FLY's stakeholders. BBAM stakeholders own more than 8% of FLY's equity, demonstrating that BBAM's interests are aligned with FLY's stakeholders," said Steve Zissis, CEO of BBAM.
The fee reduction will take effect as of July 1, 2015.
About FLY
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. For more information, visit www.flyleasing.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for FLY's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Further information on the factors and risks that may affect FLY's business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and its reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
Contact:
Matt Dallas
FLY Leasing Limited
+1 203-769-5916
[email protected]
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SOURCE FLY Leasing Limited
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