LIMERICK, Ireland, Dec. 13, 2006 (PRIME NEWSWIRE) -- Genesis Lease Limited (NYSE:GLS) announced today that its initial public offering of 27,860,000 common shares in the form of American Depositary Receipts ("ADRs") has priced at $23.00 per ADR. Genesis also granted the underwriters the right to purchase up to an additional 4,179,000 ADRs to cover over-allotments. The ADRs are expected to begin trading on the New York Stock Exchange on December 14, 2006 under the symbol "GLS."
Genesis is a newly formed company that leases commercial jet aircraft. Genesis intends to leverage 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 intends to use the proceeds of the initial public offering to acquire a portfolio of 41 commercial jet aircraft from affiliates of GECAS. Citigroup Global Markets Inc. is the Global Coordinator for the offering. Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are bookrunners for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission. The offering is being made solely by means of a prospectus. This release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the final prospectus relating to these securities may be obtained from Citigroup Corporate and Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 or JPMorgan, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245.
Statements in this press release may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different.