WLFC - Willis Lease Announces Pricing of $410.0 Million in Fixed Rate Notes | Benzinga
COCONUT CREEK, Fla., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) ("Willis"), a leading lessor of commercial jet engines, announced today that its wholly-owned subsidiary, Willis Engine Structured Trust VII ("WEST"), has priced $410.0 million in aggregate principal amount of fixed rate notes (the "Notes"). The Notes will be secured by, among other things, WEST's direct and indirect interests in a portfolio of 51 aircraft engines and four airframes. The planned closing date is October 31, 2023.
The Notes will have a fixed coupon of 8.000%, an expected maturity of approximately six years, an expected weighted average life (based on certain modeling assumptions) of 4.6 years and a final maturity of 25 years. The Notes will be issued at a price of 98.84814% of par.
The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any other securities laws of any jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to persons reasonably believed to be "qualified institutional buyers" as defined in, and in reliance on, Rule ...