Fly Leasing Limited today announced that it has contracted to sell 12 narrowbody aircraft from its portfolio. The 12 aircraft have a weighted average age of 10.6 years and an average remaining lease term of 3.2 years.
FLY anticipates the sales will generate in excess of $125 million of cash after repaying debt and satisfying other transaction-related expenses. It is expected that the sales will be completed by March 31, 2019.
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“These sales meet several strategic objectives, particularly reductions in our leverage and our lessee concentrations. We expect to announce more sales over the coming months as we prepare for our growth pipeline of more than $2 billion of A320neo family aircraft that begin delivering in 2019,” said Colm Barrington, CEO of FLY.
Following these sales, FLY’s fleet will comprise 104 aircraft with an average age of less than seven years and on lease to 44 airlines in 24 countries. FLY has signed commitments to acquire 21 new A320neo family aircraft delivering between 2019 and 2021 and has options to acquire 20 more A320neo family aircraft delivering between 2019 and 2025.