Genesis Lease Limited, which is based in Limerick, announced on Monday that it has filed a registration statement on Form F-1 with the Securities and Exchange Commission in connection with its planned initial public offering of 27,860,000 common shares in the form of American Depositary Shares (ADSs).
Genesis also granted the underwriters an option to purchase up to 4,179,000 additional ADSs to cover over-allotments. The ADSs have been approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol "GLS".
Genesis was incorporated last July in Bermuda, but the company will be resident for tax purposes in Ireland, where it will take advantage of the 12.5 per cent corporate tax rate and other taxation benefits.
Located in a temporary office in the University Business Complex in Limerick, Genesis currently has no staff other than its chief executive and chief financial officer and it plans to outsource most of its other functions.
Genesis said it will sell up to 27.86 million shares in the offering at an expected price of $21 to $23 per ADS to raise about $737 million.
Genesis is a newly organized company formed to acquire and lease commercial jet aircraft and other aviation assets. 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 GE. A concurrent private placement of shares to GE and an $810 million aircraft lease securitization, has also been agreed, according to the prospectus.
Citigroup, J.P. Morgan, Merrill Lynch & Co. and Wachovia Securities were listed as the underwriters for the offering.
For the nine months ended Sept. 30, Genesis Lease had net income of $21.7 million on revenue of $111.6 million, according to the prospectus.
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