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FLY Leasing to Acquire Three New Boeing 737- 800s and Sells Three Older Aircraft

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30 September 2010. FLY Leasing Limited (FLY), a global lessor of modern commercial jet aircraft  which changed its name from Babcock & Brown Air Ltd in June 2010, announces that it has entered into an agreement to acquire three new Boeing 737-800 Next Generation aircraft in a sale and leaseback transaction with flydubai, Dubai’s premier low cost airline. The aircraft are scheduled to be delivered new from Boeing in October and December 2010 and in February 2011.

FLY also announces that it has sold three older aircraft from its portfolio to two separate purchasers: an A320-200 manufactured in 1995 and two B737-800s manufactured in 2006. The aircraft are currently on lease to three separate airlines.

“The acquisition of the three new B737-800s and the sale of three older aircraft fits perfectly with our strategy of managing FLY’s portfolio by selectively acquiring more modern and high-demand aircraft and opportunistically selling aircraft from our portfolio,” said Colm Barrington, CEO of FLY.

The company expects to fund the new purchase through free cash in hand generated by the sale of three aircraft's, as well as new bank debt. The sale of aircraft's will also generate positive net income for the company.

The purchases and sales of the six aircraft were arranged by FLY’s associate and servicing company BBAM LP. Following completion of the transactions, FLY will have a portfolio of 62 aircraft on lease to 33 airlines in 22 countries.

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