FLY is reporting a net loss of US$3.4 million for the first quarter of 2021. This compares to net income of US$38.1 million for the same period in 2020. During the first quarter of 2021, FLY recognized US$5.9 million of costs associated with the pending transaction with Carlyle Aviation.
Adjusted net loss was US$1.4 million for the first quarter of 2021, compared to adjusted net income of US$43.6 million for the same period in the previous year. On March 31, 2021, FLY’s total assets were US$3.1 billion, including investment in flight equipment totaling US$2.8 billion. Total cash on March 31, 2021 was US$151.2 million, of which US$117.2 million was unrestricted. On March 31, 2021, FLY’s net debt-to-equity ratio was 2.2x, reduced from 2.3x as of December 31, 2020.
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 US$56 billion Global Credit platform. Under the terms of the merger agreement, FLY shareholders will receive US$17.05 per share in cash, representing a total equity valuation of approximately US$520 million. The total enterprise value of the transaction is approximately US$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.Email Post to a Friend