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 VI (“WEST”), has priced $336.7 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 $278.6 million, the Series B Notes in an aggregate principal amount of $38.7 million and the Series C Notes in an aggregate principal amount of $19.4 million. The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 29 aircraft engines and one airframe. The planned closing date is May 17, 2021.
The Series A Notes will have a fixed coupon of 3.104%, an expected maturity of approximately eight years, an expected weighted average life (based on certain modeling assumptions) of 6.9 years and a final maturity of 25 years, the 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 6.9 years and a final maturity of 25 years and the Series C Notes will have a fixed coupon of 7.385%, 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 99.99481% of par, the Series B Notes will be issued at a price of 99.99996% of par and the Series C Notes will be issued at a price of 99.99869% 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 on 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.