Fly Leasing reports Q1 2021 net loss of $3.4 million

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Merger

FLY announced on March 29, 2021 that it had entered into a definitive agreement to be acquired by an affiliate of Carlyle Aviation Partners (“Carlyle Aviation”), the commercial aviation investment and servicing arm within The Carlyle Group’s $56 billion Global Credit platform. Under the terms of the Merger Agreement, FLY shareholders will receive $17.05 per share in cash, representing a total equity valuation of approximately $520 million. The total enterprise value of the transaction is approximately $2.36 billion. The transaction is expected to close in the third quarter of 2021 and is subject to customary closing conditions, including applicable regulatory clearance and the approval of FLY’s shareholders. Given the pending transaction, FLY will not host a first quarter earnings call.

Aircraft Portfolio

At March 31, 2021, FLY had 84 aircraft and seven engines in its portfolio. FLY’s aircraft and engines are on lease to 36 airlines in 22 countries. 

Portfolio atMar. 31, 2021Dec. 31, 2020

Number% of Net Book ValueNumber% of Net Book Value
Airbus A320ceo Family3228%3228%
Airbus A320neo Family12%12%
Airbus A33032%32%
Boeing 737NG4039%4039%
Boeing 737 MAX23%23%
Boeing 777-LRF211%211%
Boeing 787415%415%
      Total(1)84100%84100%
(1) Includes six aircraft classified as held for sale as of March 31, 2021. No aircraft were classified as held for sale as of December 31, 2020.

At March 31, 2021, the average age of the portfolio, weighted by net book value of each aircraft and engine, was 8.6 years. The average remaining lease term was 4.7 years, also weighted by net book value.

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