Willis Lease Finance expanded its $890 million revolving credit facility to $1 billion.
The facility has a five-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 billion of owned and managed assets as of March 31, 2019.
The $1 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 as administrative agent, joint lead arranger, joint bookrunner, and security agent; Bank of America as joint lead arranger, joint bookrunner and syndication agent; Wells Fargo Securities/Wells Fargo Bank as joint lead arranger, joint bookrunner and documentation agent; and U.S. Bank, 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.”
Willis Lease Finance 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.