Willis Lease Finance Ups Revolver with Nine Bank Syndicate
Willis Lease Finance announced that it increased its revolving credit facility to $450 million from $430 million.
Willis said the syndicate of nine banks involved in the credit facility is led by Union Bank, as administrative agent, joint lead arranger and sole bookrunner, Wells Fargo Bank, as syndication agent, and U.S. Bank, as documentation agent and joint lead arranger.
The credit facility is available to Willis Lease on a revolving basis through November 2016. This and other credit facilities support the company and its subsidiaries in financing its lease portfolio, which stood at over $1 billion as of March 31, 2013.
“This expanded credit facility provides us with increased flexibility to take advantage of opportunities as they present themselves,” said Charles F. Willis, chairman and CEO. “The larger revolving credit facility, coupled with the $390 million ABS transaction completed in September of last year, provides us with attractive financing at favorable rates and with less restrictive covenants.”