Press release
Carlyle Aviation Completes Acquisition of Fly Leasing
Fly Leasing Announces Expiration, Final Results and Settlement of the Previously Announced Exchange Offer and Consent Solicitation DUBLIN and NEW YORK, Aug.
About this update from The Carlyle Group Inc.
[{"type":"text","content":"Fly Leasing Announces Expiration, Final Results and Settlement of the Previously Announced Exchange Offer and Consent Solicitation\n\n\nDUBLIN and NEW YORK, Aug. 2, 2021 /PRNewswire/ -- Global investment firm Carlyle (NASDAQ: CG) and Fly Leasing Limited (NYSE: FLY) (\"FLY\") announced today that an affiliate of Carlyle Aviation Partners (\"Carlyle Aviation\") completed its previously announced acquisition of FLY. Carlyle Aviation is the commercial aviation investment and servicing arm within Carlyle's $61 billion Global Credit platform. The closing of the transaction follows the receipt of regulatory approval from all government authorities required by the merger agreement and approval by FLY's shareholders. Carlyle Aviation used funds from its fifth aviation fund, SASOF V, for this acquisition.\n\n \n \n \n \n \n \n\n \nIn addition, FLY announced today the expiration and final results of the previously announced offer by Carlyle Aviation Elevate Merger Subsidiary Ltd. (\"Elevate\") to exchange (the \"Exchange Offer\") the 5.250% senior notes due 2024 (the \"Old Notes\") of FLY for newly issued 7.000% senior notes due 2024 (the \"New Notes\") and the solicitation by Elevate of consents (the \"Consent Solicitation\") to certain proposed amendments (the \"Proposed Amendments\") and certain proposed waivers (the \"Proposed Waivers\") to the indenture governing the Old Notes (the \"Existing Indenture\") pursuant to the exchange offer and consent solicitation statement, dated May 28, 2021 (the \"Exchange Offer and Consent Solicitation Statement\" and, together with the accompanying eligibility letter, the \"Offer Documents\").\nMergerPursuant to the terms of the merger agreement, each common share, par value $0.001 per share, of FLY (a \"Share\") issued and outstanding immediately prior to the effective time of the merger, including shares represented by American Depositary Shares (an \"ADS\"), other than certain excluded Shares (as described in FLY's proxy statement relating to the merger), has been canceled and converted into the right to receive $17.05 per share in cash, without interest, subject to deduction for any required withholding tax.\nADS holders of record as of the effective time of the merger who hold physical certificated American Depositary Receipts (\"ADRs\") will receive a letter of transmittal and instructions on h...