Willis Lease Finance expanded its $700 million revolving credit facility by over 40% to $1 billion, which includes a $110 million accordion feature. The facility has a 5-year term and additional flexibility. Willis Lease and its subsidiaries will use the expanded credit facility to continue growing the lease portfolio, which included nearly $1.5 billion of owned and managed assets as of December 31, 2015.
The $890 million revolving credit facility has an accordion feature up to $1 billion and is provided by a syndicate of 13 banks including: MUFG Union Bank as administrative agent, joint lead arranger and joint bookrunner; Bank of America and Wells Fargo Bank as co-syndication agents; Merrill Lynch and Wells Fargo Securities as joint lead arrangers and joint bookrunners; U.S. Bank as documentation agent, joint lead arranger and joint bookrunner; Capital One as senior managing agent and Huntington National Bank as managing agent.
New banks joining the revolver include CIT Bank and Apple Bank for Savings.
“Our treasury and legal teams, led by our treasurer, Joe Howard, and our general counsel, Dean Poulakidas, worked extremely hard to close this transaction. Through their efforts, this improved credit facility delivers significant access to capital and flexibility to grow and take advantage of opportunities as they become available,” said Charles F. Willis, chairman and CEO. “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.”