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Willis Lease unit to offer $410 million fixed-rate notes
By William Gullotti
Buffalo, N.Y., Oct. 13 – Willis Lease Finance Corp., via subsidiary Willis Engine Structured Trust VII, is planning to offer $410 million of series A fixed-rate notes, according to an 8-K filing with the Securities and Exchange Commission.
The Regulation S and Rule 144A notes will be secured by, among other things, Willis Engine Structured Trust VII’s direct and indirect interests in a portfolio of 51 aircraft engines and four airframes.
Proceeds will be used to pay Willis Lease Finance periodically over a 270-day delivery period as consideration for the aircraft engines.
Willis Lease Finance is a Novato, Calif.-based lessor of commercial jet engines.
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