FLY Leasing Purchases Three New Boeing 737-800s

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Oct 22, 2014, 08:00 ET

DUBLIN, Oct. 22, 2014 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY), a global lessor of modern commercial jet aircraft, today announced that it has signed agreements with a leading Asian airline to purchase and lease back three new Boeing 737-800 aircraft. FLY has delivered the first aircraft, with the two remaining aircraft due for delivery during the current quarter.

"We are continuing our strong fleet growth with the addition of three new B737-800s, increasing our total acquisitions this year to 19 aircraft valued at over $800 million," said Colm Barrington, CEO of FLY. "FLY's acquisition of new aircraft on long-term leases, coupled with our ongoing strategy of selling older aircraft, continues to lower the age of our fleet, increase the length of our leases and grow our revenues and profitability. Our recent issue of $400 million of unsecured notes, combined with more than $300 million of capacity in our acquisition facility, provides FLY with the financial resources to maintain our growth trajectory."

About FLY
FLY 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 aircraft lease managers. For more information, please 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