FLY Leasing Limited, a global lessor of modern, fuel-efficient commercial jet aircraft, has entered into an agreement to purchase a $1.4 billion portfolio of 49 aircraft, increasing FLY's total aircraft under operating lease to more than $3 billion. The aircraft were previously managed by Global Aviation Asset Management, an Australian company. The aircraft are on lease to 23 airlines in 15 countries. After completing the transaction, FLY will have 109 aircraft on lease to 53 airlines in 29 countries. The purchase price will be fully funded from FLY's unrestricted cash and the assumption of existing non-recourse debt.
The portfolio to be acquired consists of 23 Airbus A320 family aircraft, 3 Airbus A340, 6 Boeing 717 and 17 Boeing 737 aircraft.
