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Willis Lease offers $335.7 million of notes in two tranches
By Cristal Cody
Tupelo, Miss., July 19 – Willis Lease Finance Corp. announced on Wednesday that subsidiary Willis Engine Structured Trust III intends to sell $335.7 million of fixed-rate notes in two tranches in a Rule 144A and Regulation S transaction.
The deal includes $293.7 million of series A notes and $42 million of series B notes.
The notes will be secured by, among other things, WEST III's direct and indirect interests in a portfolio of 56 aircraft engines.
Proceeds will be applied in part to pay Willis periodically over a 270-day delivery period in consideration for the aircraft engines acquired by WEST from Willis in the financing. Willis said it will apply the proceeds it receives to repay certain amounts drawn under its revolving credit facility and for general corporate purposes.
Willis Lease Finance is a Novato, Calif.-based lessor of commercial jet engines.
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