FLY Leasing Acquires a New B777-300ER, Agrees to Acquire a B787-8
FLY Leasing Limited (NYSE: FLY) ("FLY"), a global lessor of modern commercial jet aircraft, today announced that it has taken delivery of a new Boeing 777-300ER aircraft on a purchase and leaseback transaction with LATAM Airlines Group ("LATAM"). Additionally, FLY has entered into a purchase and leaseback agreement with LATAM for a new Boeing 787-8 aircraft scheduled for delivery in September 2013.
FLY financed the B777-300ER with funding from the European bank market and its own unrestricted cash.
"We are delighted to expand our fleet with the most in-demand wide-body aircraft on long-term leases to a premier credit," said Colm Barrington, CEO of FLY. "With the delivery of the B777, FLY has now acquired six aircraft for approximately $330 million in 2013 and has identified a robust pipeline of additional acquisitions to meet our ambitious growth target. FLY is well capitalized to continue its strategy of growing its fleet with young, popular aircraft via acquisitions that will maximize shareholder value."
LATAM was formed in 2012 by the merger of LAN Airlines S.A. and TAM S.A. It is now one of the largest airline groups in the world, providing passenger transport services to approximately 150 destinations in 22 countries.
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 with more than 20 years of experience. For more information, please visit www.flyleasing.com.
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