LIMERICK, Ireland, April 24, 2007 (PRIME NEWSWIRE) -- Genesis Lease Limited (NYSE:GLS) today announced that it was presented with Airfinance Journal's "Overall Deal of the Year 2006" award for its innovative IPO and Securitization, at a ceremony last evening in New York. Airfinance Journal recognizes the most significant deals of the year. The winner is chosen based on deals that combine innovation, structuring skill and great execution.
On December 19, 2006, Genesis completed its IPO with the issuance of 27,860,000 shares at a price of $23.00 per share. In conjunction with the IPO, Genesis issued 3,450,000 shares to an affiliate of General Electric Company, in a private placement at a price of $23.00 per share and issued $810 million of floating-rate aircraft lease-backed notes in a securitization transaction. The net proceeds from these three transactions were used to finance the acquisition of a portfolio of 41 aircraft from affiliates of General Electric.
"Airfinance Journal awards companies for their innovation and ability to execute well -- two traits that are a hallmark of Genesis Lease. It is always gratifying to be recognized, particularly from our peers. We are delighted that such a prestigious industry periodical has recognized Genesis' deal structure in this way and, while Genesis received the award, it is also well-deserved recognition for the entire deal team from GE, Citi and the various law firms and other advisory firms that made the deal possible."
Genesis Lease received the award at the 27th Annual New York Airfinance Conference held at The Pierre Hotel in New York City at a ceremony held on Monday, April 23, 2007.
About Genesis Lease Limited
Genesis Lease Limited is a global commercial aircraft leasing company that is headquartered in Limerick, Ireland. Genesis acquires and leases modern, operationally efficient passenger and cargo jet aircraft to a diverse group of airlines throughout the world. Genesis leverages the worldwide platform of GE Commercial Aviation Services Limited, or GECAS, to service its portfolio of leases, allowing management to focus on executing its growth strategy.
Genesis's common shares, in the form of American Depositary Shares, are listed on the New York Stock Exchange under the symbol "GLS."
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Certain items in this press release may constitute "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," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for Genesis Lease's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Genesis Lease can give no assurance that its expectations will be attained. There are important factors that could cause actual results, level of activity, performance or achievements to differ from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release may not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Genesis Lease does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Genesis Lease expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.