Fly Leasing — Citi Credit Conference 2012
13 slides from Fly Leasing's conference presentation, Nov 15, 2012
Slide 1: FLY Leasing Limited Citi Credit Conference
FLY Leasing Limited Citi Credit Conference November 15, 2012
Slide 2: Caution Concerning Forward-Looking Statements
Caution Concerning Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "s
Slide 3: FLY & BBAM at a Glance
Aircraft Portfolio 110 Aircraft* 89% Narrow Body Aircraft Age 9.2 Years* (weighted average by NBV) Customers 53 Airlines in 29 Countries* Remaining Lease Term 3.1 Years* (weighted average by NBV) Aligned Interest FLY Owns 15% of BBAM; BBAM Principals Own 4% of FLY Manager Scale World's Third Largest
Slide 4: FLY's Core Business Principles
Corporate Strategy Maximize benefits of BBAM management-scope, scale and predictable costs Manage liabilities using long-term, secured financing with limited refinancing and covenant risk Maximize returns by capitalizing on mispriced assets and liabilities Minimize interest rate risk, currency risk
Slide 5: FLY's Attractive Portfolio of Leased Aircraft
Diversified Lessees- 53 Airlines (4) Top 10 Lessees by Contracted Revenue (1) (4) Footnotes: Data as of September 30,2012. Includes one freighter. One A330-200, one A340-300, two A340-600s, one B747-400 and one B767-300ER. Based on annual contracted rent. Modern Fleet-9.2 Yr Average Age (1) Modern F
Slide 6: FLY Ownership and Organizational Chart
15% Ownership 1 million shares (~4%) (2) Servicing and Management Agreements BBAM Note: As of September 30, 2012. Assumes all novations have occurred for Term Loan. (1) Excludes Joint Venture with four aircraft. (2) 1 million FLY shares owned by principals of BBAM through Summit Aviation. FLY (1) Se
Slide 7: Attractive Financing - No Meaningful Maturities Until 2018
(1) Face amount of debt excluding debt discounts. Excludes amortization of loan fees and discount; reflects interest rate swaps and policy provider premiums. Includes $30.2m of debt relating to an aircraft that novated to the Term Loan in November 2012. Aircraft count assumes all aircraft were novat
Slide 8: FLY's Aircraft Sales All at Gains to Net Book Value
Sales of a range of aircraft - type, age and lessees - all at gains to Net Book Value Strategy to manage fleet age, credit and jurisdictional diversification and/or achieve premium pricing Aircraft Type DOM Lessee Date of Sale Aircraft Age at Sale Sales Price Gain A320-200 1996 Swiss Sept. 2008 13 y
Slide 9: Acquisition facility and aircraft acquisition strategy
Recently closed a $250m acquisition facility with a two year revolving period + three year term The next 24 months will likely be an attractive time to acquire aircraft Bank debt for airlines is scarce Export credit finance is more expensive Sale-lease backs are now more attractive to airlines FLY h
Slide 10: Modern Fleet Generating Strong Cash Flow
Modern Fleet Generating Strong Cash Flow Fuel-efficient, high demand narrow body aircraft Predictable income from leases with a 3.1 year average remaining term Diversified customer base by geography and lessee Attractive Long-Term Debt Refinanced 2012 / 2013 debt maturities through a $395m term loan
Slide 11: Appendix 1: Term Loan Collateral Summary
Appendix 1: Term Loan Collateral Summary
Slide 12: Collateral Breakdown by Aircraft Type and Age
Aircraft Manufacturer Aircraft Type (2) Aircraft Model Aircraft Age In Years Collateral Breakdown (1) Weighted by LMM appraised base value as of September 30, 2012. Sum may not equal to 100% due to rounding.
Slide 13: Collateral Breakdown by Lessee and Lease Term
Lessee Remaining Lease Term (2) Country of Lessee Cape Town / Non-Cape Town Collateral Breakdown (1) (cont'd) Weighted by LMM appraised base value as of September 30, 2012. Does not include two 7 year leases that began after September 30, 2012.