FLY Leasing Issues Correction to Press Release

DUBLIN, March 4, 2013 /PRNewswire/ — FLY Leasing Limited (NYSE: FLY) (“FLY”), a leading global lessor of modern commercial jet aircraft, today announced a correction to its press release issued on December 13, 2012 entitled, “FLY Leasing Re-Prices $395 Million Term Loan.”

In the press release, FLY reported that it expected the term loan re-pricing to be considered a new loan under US GAAP. Through a subsequent review conducted in connection with its year-end close, FLY has now concluded that only a portion of the re-priced term loan will be considered a new loan under US GAAP. As a result, FLY expects to incur a one-time, non-cash charge of $4.2 million in the fourth quarter related to the re-pricing, compared to $26.3 million as previously reported. The remaining $22.1 million will continue to be amortized over the term of the loan.

There have been no changes to the term loan itself. As previously announced, the re-pricing transaction reduced the margin on the term loan by 100 basis points to LIBOR + 4.5%, which is expected to reduce cash interest expense by approximately $4 million per annum.