SHANNON, Ireland, Sept. 23, 2008 (GLOBE NEWSWIRE) -- Genesis Lease Limited (NYSE:GLS) today announced that it has secured a new $241 million, seven year debt facility on an existing portfolio of 11 aircraft. The facility was provided by three leading aviation financing institutions: HSH Nordbank AG, KfW Ipex-Bank GmbH and DVB Bank AG.
Proceeds from the financing will primarily be used to refinance outstanding borrowings on the 11 aircraft under Genesis Lease's revolving credit facility.
Commenting on the transaction, Alan Jenkins, chief financial officer of Genesis Lease, noted, "This transaction confirms our continued ability to secure long-term competitively priced financing, even in today's extremely turbulent market environment. While we were not required to refinance these aircraft at this time, we decided to take advantage of the opportunity to secure attractive long-term financing and, at the same time, to restore capacity under our revolving credit facility to $1 billion."
About Genesis Lease Limited
Genesis Lease Limited is a global commercial aircraft leasing company that is headquartered in Shannon, 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.
Genesis's common shares, in the form of American Depositary Shares, are listed on the New York Stock Exchange under the symbol "GLS."
The Genesis Lease Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4842
About HSH Nordbank AG
HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of EUR 204 billion. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation and real estate. In fact, HSH Nordbank is the world's largest provider of ship finance and covers the entire value chain in the transportation segment.
About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate finance in Germany and abroad and also offers trade and export finance. Worldwide it conducts all market activities of KfW Bankengruppe that are done on commercial terms. In the year 2007 KfW IPEX-Bank made new commitments for a total of EUR 16.1 billion.
About DVB Bank AG
DVB Bank AG, headquartered in Frankfurt/Main, is an international advisory bank and finance house that specializes in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo, Piraeus, Zurich, Singapore, Tokyo, Hong Kong, New York and Curacao. DVB Bank AG is listed at the Frankfurt Stock Exchange.
Caution Concerning Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to our plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts as well as statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," or words of similar meaning. These statements are based on current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.