Willis Lease Finance announced it increased its revolving credit facility to $700 million from $450 million. The credit facility has been extended for five years through June 2019 and is available to Willis Lease on a revolving basis.

The syndicate of 12 banks involved in the credit facility is led by Union Bank as administrative agent, joint lead arranger and joint bookrunner, Wells Fargo Bank and Bank of America as co-syndication agents and Wells Fargo Securities and Merrill Lynch as joint lead arrangers and joint bookrunners, U.S. Bank as documentation agent, joint lead arranger and joint bookrunner, and Deutsche Bank as senior managing agent.

Together with other credit facilities, this expanded credit line will support the company and its subsidiaries in financing its lease portfolio, which stood at over $1 billion at March 31, 2014.

“This debt offering was substantially oversubscribed, which underscores the global financial community’s strong interest and confidence in our business model,” said Charles F. Willis, Chairman and CEO. “Three new banks joined the facility and all nine banks in the prior revolver either maintained or increased their commitment levels. The facility provides five-year financing at attractive rates and is priced at one month LIBOR plus 2.50% based on current leverage, a 0.50% reduction from the previous revolver, resulting in annual interest savings of approximately $1.7 million at current debt levels. We plan to utilize this additional liquidity to further grow and diversify our lease portfolio.”

Willis Lease Finance leases large and regional spare commercial aircraft engines, APU’s and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 110 countries.