20 October 2023: Genesis has successfully closed a new six-year US$215 million Term Loan. The proceeds raised will be used to refinance existing aircraft and releases the company’s warehouse capacity to support future growth. The portfolio consists of 28 mid-to end-of-life aircraft on lease to 17 different airline customers based in 11 countries. The weighted average age of the portfolio is 18.6 years with 3.8 years of remaining lease term.
Morgan Stanley & Co., LLC, served as Sole Structuring Agent and Sole Placement Agent on the Term Loan. The transaction was structured to satisfy both institutional investors who value a rated issuance and bank lenders who value timely principal and interest payments. DBRS provided the private rating under the pass-through loan structure. Clifford Chance represented Morgan Stanley and the lenders, McGuireWoods represented Genesis.
Genesis CFO Adam Smyth stated, "The success of this portfolio refinance at attractive terms is a further step in our growth plan post covid and furthers investor confidence in our platforms ability to manage aircraft across the life cycle."