SHANNON, Ireland, June 27, 2008 (PRIME NEWSWIRE) -- Genesis Lease Limited (NYSE:GLS) today announced that it has acquired a Boeing 767-300ER passenger aircraft, manufactured in February 2008, and contracted on lease to Japan Airlines International Co. Ltd. ("JAL") until 2020. Long-term debt financing for the acquisition was provided by HSH Nordbank AG of Germany. Following the addition of this aircraft, Genesis has 54 aircraft on lease to 36 airline customers in 19 countries.
Commenting on the transaction, Genesis Lease Limited's Chief Executive Officer, John McMahon, said, "The addition of this aircraft is consistent with our goal to build and maintain a fleet of popular, modern, fuel-efficient, commercial aircraft. We are delighted to add Japan Airlines, one of Asia's largest airlines, as a valued customer and HSH Nordbank as a valued banking partner through the provision of long-term (12-year), competitively priced, debt financing in support of this acquisition."
"This is another significant transaction for HSH Norbank and reflects the Bank's growing track record of aviation financings," commented John Francis, Head of Aviation Finance Asia. "HSH is extremely pleased to have been able to participate in such an important transaction for Genesis Lease Limited. We look forward to further strengthening our growing relationship with Genesis in the near future."
The Boeing 767 is a popular medium-sized, twin-engine, widebody aircraft with almost 1,000 aircraft in operation with more than 130 airlines around the world. It provides excellent fuel efficiency, operational flexibility and low-noise levels. The GE-powered 767-300ER, as acquired by Genesis, is the most popular variant of the 767.
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' 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.primenewswire.com/newsroom/prs/?pkgid=4842
About HSH Nordbank AG
HSH Nordbank AG is a strong commercial bank in Northern Europe with total assets of EUR 205 billion. Its main focus is on transportation, real estate and energy.
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