Fly Leasing (FLY) – Odd Lot Tender Offer – 5.5% potential upside

As expected Fly Leasing announced Tender Offer details today. Those who purchased upon the yesterday’s recommendation already made a decent profit.

Current Price – $13.51;

Offer Price – $12.7 – $14.25;

Upside – $70 or 5.5% (if the upper pricing limit is used);

Expiration date –  16 December 2015;

No proration for odd lot holders;

SEC Filling

 

Summary:

Fly Leasing Limited, a Bermuda exempted company, invites our shareholders to tender our common shares, $0.001 par value per share, held by them in the form of American Depositary Shares, pursuant to auction tenders at prices specified by the tendering shareholder of not less than $12.70 and not greater than $14.25 per Share.

At the maximum Purchase Price of $14.25 per Share, we would purchase approximately 5,263,158 Shares if the Offer is fully subscribed, which would represent approximately 12.79% of the issued and outstanding Shares as of November 11, 2015, the last full trading day before we announced our intention to make the Offer. At the minimum Purchase Price of $12.70 per Share, we would purchase approximately 5,905,512 Shares if the Offer is fully subscribed, which would represent approximately 14.35% of our issued and outstanding Shares as of November 11, 2015.

No proration for Odd Lot holders:

If you own, beneficially or of record, fewer than 100 Shares in the aggregate, you validly tender all of these Shares at or below the Purchase Price (including Shares tendered by Purchase Price Tender) and do not validly withdraw them before the Expiration Time, and you complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your Shares without subjecting them to the proration procedure.

 

Source of Funds:

The maximum aggregate purchase price for the Shares purchased in the Offer will be $75,000,000, unless the Offer is amended. We intend to fund the purchase of Shares in the Offer from our available cash and cash equivalents.