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Hamilton, Bermuda:  17th, October 2022 – In a filing with the Bermuda Stock Exchange (“BSX”), Fly Leasing Limited, announced the Note Repurchase Authorisation and Contribution and Insurance Proceeds.

 

 

 Fly Leasing Limited

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7.000% Senior Notes due October 15, 2024 (“Notes”)

Listed Since: 2021/08/18

Currency: USD

CUSIP: G2002C AA8 ISIN: USG2002CAA83

Telephone: 353-1-231-1900

www.flyleasing.com

Hamilton, Bermuda – 17 October 2022

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Note Repurchase Authorisation and Contribution and Insurance Proceeds

 

On September 23, 2022, Fly Leasing Limited (“Fly”) disclosed that it repurchased $49,079,000 in aggregate principal amount of its 7.000% Senior Notes Due 2024 (the “Notes”) pursuant to previously announced authority granted by its board of directors.

 

On October 14, 2022, Fly’s board of directors authorised the repurchase of up to an additional US$50 million of Notes, representing a maximum of approximately 14.65% of the aggregate principal amount of Notes that remain outstanding. Notes will be purchased subject to market conditions, and may be purchased in open market transactions, pursuant to bilateral trades or 10b5-1 purchase programs. All Notes repurchased will be cancelled.

 

Any purchase of Notes in relation to this announcement will be executed in accordance with the relevant regulations of the Bermuda Stock Exchange (the “BSX”), including, but not limited to, the BSX Listing Regulations – Section IIIB (the “Listing Rules”). At such point as Fly has repurchased, in aggregate, 10% or more of the issued Notes in accordance with the Listing Rules, Fly will announce such repurchase no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

Fly also received a $50 million contribution from its direct parent company, which is wholly owned by SASOF International Master Fund V LP (“SASOF V”). The contribution has been credited to Fly’s contributed surplus account and the proceeds will be used by Fly for general corporate purposes. The $50 million contribution was not made pursuant to the previously announced equity line of credit agreement between Fly and SASOF V, which remains effective and has not been drawn on to date.

 

Fly also reached agreement with its insurers in respect of a claim made due to weather related damage to one of its aircraft that occurred prior to the acquisition of Fly by affiliates of Carlyle Aviation. Fly expects to receive approximately US$6 million in insurance proceeds of the claim and will then scrap the aircraft.

 

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

 

Forward-Looking Statements:

 

Certain statements and indicative projections (which may include modelled loss scenarios) made in this announcement or otherwise that are not based on current or historical facts are forward-looking in nature including, without limitation, statements containing the words “believes”, “anticipates”, “aims”, “plans”, “projects”, “forecasts”, “guidance”, “intends”, “expects”, “estimates”, “predicts”, “may”, “can”, “likely”, “will”, “seeks”, “should”, or, in each case, their negative or comparable terminology.

 

All forward-looking statements in this announcement speak only as at the date of publication. Fly expressly disclaims any obligation or undertaking (save as required to comply with any legal or regulatory obligations including the rules of the BSX) to disseminate any updates or revisions to any forward-looking statement to reflect any changes in Fly’s expectations or circumstances on which any such statement is based. All subsequent written and oral forward-looking statements attributable to Fly or individuals acting on behalf of Fly are expressly qualified in their entirety by this note. Prospective investors should specifically consider the factors identified in this announcement which could cause actual results to differ before making an investment decision.

 

Media contacts:

 

Kristen Greco

(212) 813-4763

kristen.greco@carlyle.com

The Carlyle Group

 

           

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