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Willis Lease Expands Credit Facility to $1 Billion

June 13, 2019, 07:05 AM
Filed Under: Aircraft

Willis Lease Finance Corporation, an independent jet engine lessor, announced it has expanded its $890 million revolving credit facility to $1 billion.

The facility has a five-year term and is structured with the flexibility to support the company’s growing business. Willis Lease and its subsidiaries will use the expanded credit facility to continue growing its lease portfolio, which included nearly $2 billion of owned and managed assets as of March 31.

The $1 billion revolving credit facility has a $300 million accordion feature allowing for expansion up to $1.3 billion. The facility is provided by a syndicate of 17 banks including: MUFG Bank, Ltd./MUFG Union Bank N.A., as Administrative Agent, Joint Lead Arranger, Joint Bookrunner, and Security Agent; Bank of America, N.A. as Joint Lead Arranger, Joint Bookrunner and Syndication Agent; Wells Fargo Securities, LLC/Wells Fargo Bank, National Association as Joint Lead Arranger, Joint Bookrunner and Documentation Agent; and U.S. Bank National Association, City National Bank, and The Huntington National Bank as Senior Managing Agents.

“This improved credit facility delivers significant access to capital with attractive term and flexibility to support the continued growth of our platform,” said Charles F. Willis, Chairman and CEO. “Access to capital is fundamental to our success and we are grateful for the support of our long term and new banking partners. We look forward to furthering the relationships that we have with our banking partners and thank them for the confidence they have in our business model.”

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