Willis Lease announces offering of $596M in fixed rate notes

Willis Lease (WLFC) Finance announced that its wholly-owned subsidiary, Willis Engine Structured Trust VIII, proposes to offer $524M in aggregate principal amount of Series A Fixed Rate Notes and $72M in aggregate principal amount of Series B Fixed Rate Notes. The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 62 aircraft engines and two airframes, which WEST will acquire from WLFC or its other subsidiaries pursuant to an asset purchase agreement. The net proceeds of the Notes will be primarily applied to pay certain fees and expenses related to the offering of the Notes, deposit initial amounts in reserve accounts for security deposits, maintenance expenses and other expenses and pay WLFC periodically over a 270-day delivery period the consideration for the aircraft engines and the airframes acquired by WEST from WLFC in connection with the financing. WLFC and its subsidiaries will apply any net proceeds it receives to repay debt collateral by the assets and for general corporate purposes.