Willis Lease expands five-year revolver to $1 billion, adds lenders

By Susanna Moon

Chicago, April 22 – Willis Lease Finance Corp. said it has expanded its $700 million five-year revolving credit facility to $1 billion, which includes a $110 million accordion.

The facility provides “additional flexibility,” according to a company announcement.

The $890 million revolver is provided by a syndicate of 13 banks, including MUFG Union Bank, NA as administrative agent, joint lead arranger and joint bookrunner. Bank of America, NA and Wells Fargo Bank, NA are co-syndication agents; Bank of America Merrill Lynch and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners; U.S. Bank NA is the documentation agent, joint lead arranger and joint bookrunner; Capital One, NA is senior managing agent, and Huntington National Bank is managing agent.

New lenders include CIT Bank, NA and Apple Bank for Savings.

Proceeds will be used to continue growing the company’s lease portfolio, which included about $1.5 billion of owned and managed assets as of Dec. 31.

“We expect this expanded credit facility to be a significant tool for us as we continue to grow and position the company for the future,” Charles F. Willis, the company’s chairman and chief executive officer, said in the press release.

Willis is am independent jet engine lessor based in Novato, Calif.

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