Willis Lease Finance Corporation has announced the pricing of $596.0 million in fixed-rate notes through its wholly-owned subsidiary, Willis Engine Structured Trust VIII. This includes $524,000,000 in aggregate principal amount of Series A fixed-rate notes and $72,000,000 in aggregate principal amount of Series B fixed-rate notes.
The Series A notes will have a fixed coupon of 5.582% and an expected maturity of approximately six years, with an expected weighted average life of 5.1 years and a final maturity of 25 years. On the other hand, the Series B notes will have a fixed coupon of 6.070%.
The notes will be secured by a portfolio of 62 aircraft engines and two airframes, which the subsidiary will acquire from Willis Lease Finance Corporation or its other subsidiaries pursuant to an asset purchase agreement.
The planned closing date for this transaction is June 18, 2025.
It's important to note that the notes being offered have not been and will not be registered under the Securities Act of 1933, or any other securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from registration requirements.
Willis Lease Finance Corporation is a leading lessor of commercial aircraft engines and a global provider of aviation services, including leasing, trading, asset management, and end-of-life solutions for engines and aviation materials. The company's service offerings also include engine maintenance, aircraft maintenance, disassembly, parking and storage, airport FBO and ground services, and cargo handling services. Additionally, its subsidiary, Willis Sustainable Fuels, aims to develop, build, and operate projects to help decarbonize aviation. As a result of these announcements, the company's shares have moved -0.44% on the market, and are now trading at a price of $142.77. For the full picture, make sure to review WILLIS LEASE FINANCE CORP's 8-K report.
