Operating lessor FLY Leasing has entered into several new aircraft transactions, which were announced today.
The lessor signed a deal with flydubai to acquire three new Boeing 737-800 aircraft in a sale and leaseback transaction. The aircraft are scheduled to be delivered new from Boeing in October and December as well as in February 2011.
FLY also sold three older aircraft including a 1995 Airbus A320-200 manufactured in 1995 and two 2006 Boeing 737-800s in two separate purchasers.
The aircraft are currently on lease to three separate airlines.
Colm Barrington, CEO of FLY says: "The sale of the three aircraft will generate cash and positive net income for FLY and the new aircraft, which will be acquired with our free cash and new bank debt, will reduce the average age of our portfolio."
The purchases and sales of the six aircraft were arranged by FLY's associate and servicing company BBAM.
Following completion of the transactions, FLY will have a portfolio of 62 aircraft.
Source: Commercial Aviation Online
