FLY Leasing to sell eight Boeing 757 aircraft

FLY Leasing, a global lessor of modern commercial jet aircraft, has agreed to sell eight of the 11 Boeing 757 aircraft in its fleet. The sales are expected to close by the end of 2015. “The sale of these eight older B757 aircraft, averaging 15.7 years of age, will lower the average age of our fleet and substantially reduce our exposure to out-of-production aircraft,” said Colm Barrington, CEO of FLY. “The total proceeds from this transaction will exceed the net book values of the aircraft, which continues our record of moving on older aircraft at premiums to net book value. Meanwhile, we will not record any charge or any gain as a result of signing the sale agreements.” “FLY’s strategy is to actively manage its fleet, continually selling older aircraft and reinvesting in younger models. FLY is on track to grow its fleet by more than 15% in 2014, and expects similar growth in 2015,” added Barrington.