By Cristal Cody
Tupelo, Miss., Aug. 16 – Willis Lease Finance Corp. announced on Thursday that subsidiary Willis Engine Structured Trust IV priced $373.4 million of fixed-rate asset-backed notes in two tranches.
The trust sold $326.8 million of series A notes (//A) at 99.995 with a 4.75% coupon, an expected maturity of about eight years, an expected weighted average life of 6.3 years and a final maturity of 25 years.
The trust sold $46.7 million of series B notes (//BBB) at 99.998 and a 5.438% coupon. The notes have an expected maturity of about eight years, an expected weighted average life of 6.3 years and a final maturity of 25 years.
The asset-backed notes will be secured by, among other things, Willis Engine Structured Trust IV’s direct and indirect interests in a portfolio of 55 aircraft engines and one airframe.
Willis Lease Finance is a Novato, Calif.-based lessor of commercial jet engines.
| Issuer: | Willis Engine Structured Trust IV
|
| Amount: | $373.4 million
|
| Description: | Fixed-rate asset-backed notes
|
| Trade date: | Aug. 16
|
| Settlement date: | Aug. 22
|
|
|
| Series A notes
|
| Amount: | $326.8 million
|
| Maturity: | Eight-year expected maturity, final maturity of 25 years
|
| Coupon: | 4.75%
|
| Price: | 99.995
|
| Rating: | Fitch: A
|
|
|
| Series B notes
|
| Amount: | $46.7 million
|
| Maturity: | Eight-year expected maturity, final maturity of 25 years
|
| Coupon: | 5.438%
|
| Price: | 99.998
|
| Rating: | Fitch: BBB
|
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