Willis Lease Finance Corporation (NASDAQ: WLFC) has announced the closing of $596.0 million in fixed rate notes through its wholly-owned subsidiary, Willis Engine Structured Trust VIII (WEST). The offering consisted of $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 subscription was 3.60x (gross) and 5.10x (avail) on the series A notes and 7.15x (gross) and 13.00x (avail) on the series B notes.
The series A notes and series B notes have a fixed coupon of 5.582% and 6.070%, respectively, with an expected maturity of approximately six years. The expected weighted average life (based on certain modeling assumptions) is 5.1 years, and the final maturity is 25 years. The notes were issued at a price of 99.99721% and 99.99711% of par for the series A and series B notes, respectively.
The offering was made to "qualified institutional buyers" as defined in, and in reliance on, Rule 144A under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act.
Willis Lease Finance Corporation is the leading lessor of commercial aircraft engines and a global provider of aviation services. The company leases spare commercial aircraft engines, auxiliary power units, and aircraft to airlines, aircraft engine manufacturers, and maintenance, repair, and overhaul providers worldwide. Additionally, the company offers various services including engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services. Willis Sustainable Fuels also intends to develop, build, and operate projects to help decarbonize aviation. Today the company's shares have moved 0.66% to a price of $143.32. If you want to know more, read the company's complete 8-K report here.
