Fly Leasing is backed by ample funding for the next year, but says it may need to re-examine its cash position in order to expand the fleet and to pay down debt.
In a regulatory filing the lessor indicates it has sufficient cash available to satisfy all liquidity needs through "at least" the next twelve months. Fly ended the year 2013 with $404.5 million in unrestricted cash, with approximately $323.2 million available under its Fly Acquisition II Facility.
However, the lessor notes it will need "access to additional capital in order to grow beyond its current acquisition pipeline and to refinance debt".
Fly has five aircraft that will need to be remarketed in 2014, according to the filing.
The lessor ended 2013 with 14 leases scheduled to expire this year and one aircraft off-lease. However, since that time, Fly has entered into six leases and lease extensions, including a lease for the aircraft that was off-lease, two sale agreements and two letters of intent.
"We may have additional remarketings in 2014 if any other leases are terminated prior to their scheduled expiry dates," the lessor says.
Last year, the lessor acquired 14 aircraft for $632.9 million including eleven Boeing 737-800 aircraft, one Boeing 777-300ER aircraft, one Boeing 787-8 aircraft and one Airbus A320-200 aircraft.
The lessor ended the year with 113 commercial jet aircraft, including 105 narrowbodies, including two freighters, and eight widebody passenger aircraft.