Willis Lease Finance offers $373.4 million of fixed-rate notes in two tranches

By Cristal Cody

Tupelo, Miss., Aug. 8 – Willis Lease Finance Corp. announced on Wednesday that subsidiary Willis Engine Structured Trust IV is offering $373.4 million of fixed-rate notes in two tranches, according to a news release.

The Rule 144A and Regulation S-eligible deal includes $326.8 million of series A notes and $46.7 million of series B notes.

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.

Proceeds from the deal will be used to pay Willis periodically over a 270-day delivery period as consideration for the aircraft engines and the airframe acquired by the subsidiary. Willis will use the proceeds to repay certain amounts drawn under the company’s 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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