NOVATO, Calif., Aug 17 (Bernama-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 IV (“WEST IV”), has priced $373.4 million in aggregate principal amount of fixed rate notes (the “Notes”). As previously announced, the Notes will be issued in two series, with the Series A Notes to be issued in an aggregate principal amount of $326.8 million and the Series B Notes in an aggregate principal amount of $46.7 million. The Notes will be secured by, among other things, WEST IV’s direct and indirect interests in a portfolio of 55 aircraft engines and one airframe. The planned closing date is August 22, 2018.
The Series A Notes will have a fixed coupon of 4.750%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 6.3 years and a final maturity of 25 years and Series B Notes will have a fixed coupon of 5.438%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 6.3 years and a final maturity of 25 years. The Series A Notes will be issued at a price of 99.99504% of par and the Series B Notes will be issued at a price of 99.99853% of par.
The Series A Notes will have a fixed coupon of 4.750%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 6.3 years and a final maturity of 25 years and Series B Notes will have a fixed coupon of 5.438%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 6.3 years and a final maturity of 25 years. The Series A Notes will be issued at a price of 99.99504% of par and the Series B Notes will be issued at a price of 99.99853% of par.
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