Willis Engine Structured Trust VII (WEST), a subsidiary of Willis Lease Finance, priced $410 million in aggregate principal amount of fixed rate notes. The notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 51 aircraft engines and four airframes. The planned closing date is Oct. 31.
The notes will have a fixed coupon of 8%, an expected maturity of approximately six years, an expected weighted average life (based on certain modeling assumptions) of 4.6 years and a final maturity of 25 years. The notes will be issued at a price of 98.84814% of par.
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