Willis Lease Finance Commits to Offering of $366.2 Million in Fixed Rate Notes
2020年2月19日 - 11:09PM
Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis”), a
leading lessor of commercial jet engines, announced today that its
wholly-owned subsidiary Willis Engine Securitization Trust II, to
be renamed Willis Engine Structured Trust V (“WEST”), has priced
$366.2 million in aggregate principal amount of fixed rate notes
(the “Notes”). As previously announced, the Notes will be issued in
three series, with the Series A Notes to be issued in an aggregate
principal amount of $303.0 million, the Series B Notes in an
aggregate principal amount of $42.1 million and the Series C Notes
in an aggregate principal amount of $21.1 million. The Notes will
be secured by, among other things, WEST’s direct and indirect
interests in a portfolio of 54 aircraft engines and three
airframes. The planned closing date is March 3, 2020.
The Series A Notes will have a fixed coupon of
3.228%, an expected maturity of approximately eight years, an
expected weighted average life (based on certain modeling
assumptions) of 6.5 years and a final maturity of 25 years, the
Series B Notes will have a fixed coupon of 4.212%, an expected
maturity of approximately eight years, an expected weighted average
life (based on certain modeling assumptions) of 6.5 years and a
final maturity of 25 years and the Series C Notes will have a fixed
coupon of 6.657%, an expected maturity of approximately eight
years, an expected weighted average life (based on certain modeling
assumptions) of 4.0 years and a final maturity of 25 years. The
Series A Notes will be issued at a price of 99.99859% of par, the
Series B Notes will be issued at a price of 99.99493% of par and
the Series C Notes will be issued at a price of 99.99918% of
par.
The Notes have not been and will not be
registered under the Securities Act of 1933, as amended (the
“Securities Act”), 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
qualified institutional buyers under Rule 144A under the Securities
Act and outside the United States to non-U.S. persons in reliance
in Regulation S under the Securities Act.
This news release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of, the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
This news release is being issued pursuant to and in accordance
with Rule 135c under the Securities Act.
Willis Lease Finance
Corporation
Willis Lease Finance Corporation leases large
and regional spare commercial aircraft engines, auxiliary power
units and aircraft to airlines, aircraft engine manufacturers and
maintenance, repair and overhaul providers in 120 countries. These
leasing activities are integrated with engine and aircraft trading,
engine lease pools and asset management services supported by
cutting edge technology through its subsidiary, Willis Asset
Management Limited, as well as various end-of-life solutions for
engines and aviation materials provided through its subsidiary,
Willis Aeronautical Services, Inc.
Except for historical information, the matters
discussed in this press release contain forward-looking statements
that involve risks and uncertainties. Do not unduly rely on
forward-looking statements, which give only expectations about the
future and are not guarantees. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation
to update them. Our actual results may differ materially from the
results discussed in forward-looking statements. Factors that might
cause such a difference include, but are not limited to: the
effects on the airline industry and the global economy of events
such as terrorist activity, changes in oil prices and other
disruptions to the world markets; trends in the airline industry
and our ability to capitalize on those trends, including growth
rates of markets and other economic factors; risks associated with
owning and leasing jet engines and aircraft; our ability to
successfully negotiate equipment purchases, sales and leases, to
collect outstanding amounts due and to control costs and expenses;
changes in interest rates and availability of capital, both to us
and our customers; our ability to continue to meet changing
customer demands; regulatory changes affecting airline operations,
aircraft maintenance, accounting standards and taxes; the market
value of engines and other assets in our portfolio; and risks
detailed in Willis’ Annual Report on Form 10-K and other continuing
reports filed with the Securities and Exchange Commission.
CONTACT: |
Scott B. Flaherty |
|
Chief Financial Officer |
|
(561) 349-9989 |
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