FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities
Exchange Act of 1934
Date of Report: September 23, 2008
Genesis Lease Limited
(Exact Name of registrant as specified in its charter)
4450 Atlantic Avenue
Westpark
Shannon
Co. Clare, Ireland
(Address of principal executive offices)
Indicate by check mark whether registrant files or will file annual reports under cover Form 20-F
or Form 40-F:
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
Indicate by check mark whether registrant by furnishing the information contained in this Form is
also thereby furnishing the information to the commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934:
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82- .
On September 15, 2008, Genesis Portfolio Funding I Limited (“GPF I”), a direct subsidiary of
Genesis Lease Limited, entered into a 7-year, $241,000,000 term loan facility with a syndicate of
lenders (the “Facility”). The Facility was drawn down in one tranche on September 19, 2008.
Proceeds from the drawdown were used to refinance the 11 Airbus A320 family and Boeing 737 aircraft
that had been financed under the Genesis Acquision Limited (“GAL”) revolving credit facility.
The principal terms of the Facility are as follows:
Fees. An up-front fee equal to 1.1% of the Facility amount of $241,000,000 was payable upon
entry into the Facility. In addition, an agency fee of $55,000 is payable annually.
Interest Rate. Borrowings under the Facility bear interest at LIBOR plus an applicable margin
of 1.75% per annum.
Maturity Date; Payment Terms. Borrowings under the Facility are required to be repaid in
monthly installments of principal and interest with the balance payable as a balloon payment of
$125,000,000 at maturity in September 2015.
Prepayment. GPF I has the right to prepay any amounts outstanding under the Facility on any
monthly repayment date. There is a prepayment penalty of 2% of the prepayment amount in the first
year and a 1% prepayment penalty in the second year. There are no prepayment penalties thereafter.
In addition, GPF I will be required to make partial prepayments of borrowings under the Facility
upon the total loss, sale or other disposition of aircraft financed with borrowings under the
Facility.
Collateral. Borrowings under the Facility are secured by first priority, perfected security
interests in and pledges or assignments of (1) the equity ownership and beneficial interests of
Genesis Lease Limited in GPF I and GPF I in each of its aircraft-owning subsidiaries, (2) leases of
the aircraft financed under the Facility and mortgages over the aircraft themselves, (3) GPF I’s
interests in the Servicing Agreement in place with GE Commercial Aviation Services under which
those leases are serviced, and (4) where possible, an international interest under the Cape Town
Convention in each eligible airframe, engine and lease.
Covenants. GPF I is subject to certain operating covenants including some relating to the
maintenance, registration and insurance of the aircraft as set forth in the Facility and associated
deed of proceeds and priorities (the “DPP”). The DPP and the Facility also contain certain
conditions and constraints which relate to the servicing and management of the aircraft financed
through the Facility, including covenants relating to the disposition of aircraft, restrictions on
the acquisition of additional aircraft and restrictions on the modification of aircraft. In
addition, GPF I is subject to annual loan-to-value tests of 75% for the first four years and of 70%
thereafter based on its maintenance adjusted current market value on each anniversary of the first
drawdown.
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