Willis Lease Finance Corporation Closes Amended and Restated $1 Billion Revolving Credit Facility
June 10 2019 - 7:00AM
Willis Lease Finance Corporation (NASDAQ: WLFC), the premier
independent jet engine lessor, announced today that it has expanded
its $890 million revolving credit facility to $1.0 billion. The
facility has a 5-year term and is structured with the flexibility
to support WLFC’s growing business. Willis Lease and its
subsidiaries will use the expanded credit facility to continue
growing its lease portfolio, which included nearly $2.0 billion of
owned and managed assets as of March 31, 2019.
The $1.0 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 seventeen
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.”
About Willis Lease
FinanceWillis 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, as well as various end-of-life solutions for aircraft,
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 the 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 the Company’s Annual Report on Form 10-K and other
continuing reports filed with the Securities and Exchange
Commission.
Contact: Scott B.
FlahertyChief Financial Officer(415) 408-4700
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