Fly Leasing sells six 717s to Falko for a gain over book value

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Fly Leasing has sold six 2001-built Boeing 717-200 aircraft to Falko Regional Aircraft for a gain over book value as part of the lessor's ongoing deleveraging process.

The aircraft will remain on lease to Qantas and in service with QantasLink, says Falko.

Fly Leasing  acquired the aircraft in 2011 as part of a 49-aircraft portfolio transaction.

"The sale of these non-core aircraft will result in a gain over our current book value and generate gross cash proceeds of $17 million," says Colm Barrington, chief executive officer of Fly. "The sale of these older aircraft at a price above our book value once again highlights the value in our portfolio and our commitment to monetising that value for shareholders. These sales are in line with our strategy of selling non-core aircraft and reinvesting in younger, more popular models to maintain a fleet of modern, fuel-efficient commercial aircraft."

The cash proceeds will be used for future acquisitions, adds Barrington