Willis Lease gets expanded five-year revolver at Libor plus 275 bps

By Susanna Moon

Chicago, April 25 – Willis Lease Finance Corp. obtained its amended and expanded $890 million five-year revolving credit facility at Libor plus 275 basis points, according to an 8-K filing with the Securities and Exchange Commission.

The spread over Libor generally ranges from 150 bps to 300 bps, based on leverage.

The facility refinances loans under the company’s second amended credit agreement with Union Bank, NA as administrative agent, joint lead arranger and bookrunner.

Proceeds will be used to finance the acquisition of aircraft, aircraft engines and related equipment, as well as for general working capital purposes.

Willis Lease said on April 22 that it had expanded its $700 million five-year revolving credit facility to $1 billion, including a $110 million accordion.

The $890 million revolver is provided by a syndicate of 13 banks, including MUFG Union Bank, NA as administrative agent, joint lead arranger and joint bookrunner. Bank of America, NA and Wells Fargo Bank, NA are co-syndication agents; Bank of America Merrill Lynch and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners; U.S. Bank NA is the documentation agent, joint lead arranger and joint bookrunner; Capital One, NA is senior managing agent; and Huntington National Bank is managing agent.

New lenders include CIT Bank, NA and Apple Bank for Savings.

The facility provides “additional flexibility,” according to a previous company announcement.

“We expect this expanded credit facility to be a significant tool for us as we continue to grow and position the company for the future,” Charles F. Willis, the company’s chairman and chief executive officer, said in the announcement.

Willis is an independent jet engine lessor based in Novato, Calif.

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