Willis Lease Finance to repay revolver borrowings using note proceeds

By Marisa Wong

Morgantown, W.Va., July 19 – Willis Lease Finance Corp. said it will repay some amounts drawn under its revolving credit facility using proceeds from an offering of notes.

The company announced it plans to offer $335.7 million of fixed-rate notes in two tranches secured by a portfolio of 56 aircraft engines. The notes will be issued through wholly owned subsidiary Willis Engine Structured Trust III.

Proceeds from the Rule 144A and Regulation S notes offering will also be used for general corporate purposes.

Willis is a Novato, Calif.-based lessor of commercial jet engines.

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