Willis Lease Finance offers $366.2 million of notes in three parts

By Cristal Cody

Tupelo, Miss., Feb. 13 – Willis Lease Finance Corp. announced on Thursday that subsidiary Willis Engine Structured Trust II plans to price $366.2 million of fixed-rate notes in three tranches in a Rule 144A and Regulation S offering.

The trust, which will be renamed Willis Engine Structured Trust V, is offering $303 million of series A notes, $42.1 million of series B notes and $21.1 million of series C notes.

The asset-backed notes will be secured by, among other things, Willis Engine Structured Trust II’s direct and indirect interests in a portfolio of 54 aircraft engines and three airframes.

Proceeds will be used to repay the principal amount of outstanding class 2012-A fixed-rate term notes, pay Willis over a 270-day delivery period as consideration for aircraft engines and airframes acquired by Willis Engine Structured Trust II from Willis and to make a distribution to Willis to use for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.