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Willis Lease Finance upsizing revolver due 2016 to $430 million
By Angela McDaniels
Tacoma, Wash., Sept. 7 - Willis Lease Finance Corp. is upsizing its five-year revolving credit facility to $430 million from $345 million, according to a company news release.
Three new banks are being added to the revolver.
The company closed on the revolver in November 2011 at Libor plus 275 basis points. The margin over Libor ranges from 250 bps to 325 bps, based on the company's leverage.
The total size may be expanded to $450 million.
The company will use borrowings under the revolver and the proceeds of a $390 million offering of asset-backed securities issued through subsidiary Willis Engine Securitization Trust II to repay the floating-rate asset-backed securities of another Willis Lease Finance subsidiary, Willis Engine Securitization Trust.
Union Bank, NA is the administrative agent.
Willis leases spare commercial aircraft engines and aircraft. The company is based in Novato, Calif.
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