Carlyle Aviation Partners has completed its previously announced acquisition of Fly Leasing, following the receipt of the required government approvals for the merger. Carlyle Aviation has used funds from its fifth aviation fund, SASOF V, for this acquisition.
Also today, FLY has announced the expiration and final results of the previously announced offer by Carlyle Aviation Elevate Merger Subsidiary (Elevate) to exchange the 5.250% senior notes due 2024 of FLY for newly-issued 7.000% senior notes due 2024. FLY intends to raise $100 million with this new issuance, with the proceeds earmarked for general corporate purposes.
Pursuant to the terms of the merger agreement, each common share, par value $0.001 per share, of FLY issued and outstanding immediately prior to the effective time of the merger, including shares represented by American Depositary Shares (ADS), has been cancelled and converted into the right to receive $17.05 per share in cash, without interest.
FLY has now suspended trading of its ADSs on the New York Stock Exchange and has filed for delisting of its ADSs on NYSE and all its registered securities.