By Cristal Cody
Tupelo, Miss., July 28 – Willis Lease Finance Corp. announced on Friday that subsidiary Willis Engine Structured Trust III priced $335.7 million of fixed-rate notes in two parts.
The trust sold $293.7 million of series A notes (//A) at 99.91487 with a 4.69% coupon, an expected maturity of about 10 years, an expected weighted average life of 7.59 years and a final maturity of 25 years.
The trust sold $42 million of series B notes (//BBB) at 98.29606 and a 6.36% coupon. The notes have an expected maturity of about 10 years, an expected weighted average life of 7.59 years and a final maturity of 25 years.
The asset-backed notes will be secured by, among other things, Willis Engine Structured Trust III’s direct and indirect interests in a portfolio of 56 aircraft engines.
Willis Lease Finance is a Novato, Calif.-based lessor of commercial jet engines.
Issuer: | Willis Engine Structured Trust III
|
Amount: | $335.7 million
|
Description: | Asset-backed notes
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Trade date: | July 28
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Settlement date: | Aug. 4
|
|
Series A notes
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Amount: | $293.7 million
|
Maturity: | 10-year expected maturity, final maturity of 25 years
|
Coupon: | 4.69%
|
Price: | 99.91487
|
Rating: | Fitch: A
|
|
Series B notes
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Amount: | $42 million
|
Maturity: | 10-year expected maturity, final maturity of 25 years
|
Coupon: | 6.36%
|
Price: | 98.29606
|
Rating: | Fitch: BBB
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